EMPLOYABILITY OF BIG DATA TOOLS AND TECHNIQUES IN ENHANCING THE EFFECTIVENESS OF ITS APPLICATION IN FINANCIAL SECTOR
Anika
Birla Institute of Management Technology
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Recent global development has been marked by the widespread introduction of information and communication technologies across all economic growth sectors. The adoption of digital technologies has become explosive, leading to the emergence of the term "digital economy," which reflects the integration of cutting-edge digital technologies in various global economic sectors. Today, digital transformation permeates nearly all areas of economic development, such as Industry 4.0 in manufacturing and Fintech in finance. Key breakthrough technologies driving this digital transformation include cloud computing, cyber-physical systems, artificial intelligence, and big data analytics. Financial institutions, as key market players, play a crucial role in the big data market. This paper examines the technologies and techniques employed in big data processing, explores the future development within significant data sectors, and investigates the big data market across various economic sectors, identifying leading players in the field. It also focuses on utilizing big data in financial institutions, analyzing financial indicators and market growth dynamics. Additionally, the paper addresses the main challenges hindering big data adoption in financial institutions and provides forecasts for the future development of big data usage in the financial sector.
Keywords:
big data; digital economy; financial sector
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