The Benefits of Big Data and Advanced Analytics in Banking Systems in Contemporary Environment

Keywords:
Big Data, Advanced Analytics, Machine Learning, Risk Management, Digital Transformation

Abstract:
Business processes in organisations have changed dramatically with the advent of digitalisation and are facing numerous challenges in the age of Big Data. This new era is characterised by the presence of traditional banks and Fintechs that can cooperate or compete with each other. Banks and Fintechs have access to large amounts of customer data that could significantly improve the decisionmaking process. Access to external and unstructured data is the basis for better decisions in assessing customers' creditworthiness and credit risk, but also for monitoring the quality of bank portfolios and developing early warning systems, detecting financial crime and predicting operating losses. Advanced Analytics looks at the use of machine learning and its algorithms when processing large volumes of data. Machine learning has become a driving force in the banking sector and is driving improvements in decision-making processes. Machine learning algorithms can be used to fulfil regulatory requirements in a more sophisticated way, but also in the “front office”, “back office” or in trading and portfolio management. The paper emphasises various possible applications of machine learning in the banking sector, with a focus on the area of risk management

CITATION:

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V. Mirković, J. Lukić Nikolić, “The Benefits of Big Data and Advanced Analytics in Banking Systems in Contemporary Environment,” in Sinteza 2024 - International Scientific Conference on Information Technology, Computer Science, and Data Science, Belgrade, Singidunum University, Serbia, 2024, pp. 122-127. doi:10.15308/Sinteza-2024-122-127

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Mirković, V., Lukić Nikolić, J. (2024). The Benefits of Big Data and Advanced Analytics in Banking Systems in Contemporary Environment. Paper presented at Sinteza 2024 - International Scientific Conference on Information Technology, Computer Science, and Data Science. doi:10.15308/Sinteza-2024-122-127

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