BIG DATA IN FINANCIAL SERVICES: A SURVEY OF APPLICATIONS AND VALUE CREATION
Keywords:
Big data, Financial services, Credit scoring, Fraud detectionAbstract
Big data technology is profoundly transforming the business models and value creation methods of financial services. This paper employs a systematic literature review methodology to investigate the applications and value mechanisms of big data across key financial domains. The study identifies four primary value creation pathways: First, in credit scoring and risk management, integration of alternative data sources enhances model accuracy and extends financial access to underserved populations. Second, in fraud detection, machine learning-based real-time analytics reduce false positive rates by approximately 30% while improving detection precision. Third, personalized services enabled by multi-dimensional customer profiling generate revenue increases of 10-15% for institutions implementing data-driven strategies. Fourth, process automation and real-time decision support enhance operational efficiency, reducing costs and improving service quality. This research demonstrates that big data has become a strategic asset for financial institutions, while acknowledging ongoing challenges in data governance, model interpretability, and regulatory compliance.References
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