Download pdf
The Digital Transformation of the Banking Industry in the Era of Big Data
- 1 Zhejiang University of Finance & Economics
* Author to whom correspondence should be addressed.
Abstract
Big data analytics has become an instrumental tool for digital transformation in the banking industry. By leveraging massive volumes of data, banks can gain valuable insights to optimize operations, reduce risks, and improve customer experience. For risk management, big data techniques enable banks to detect fraud and money laundering activities more accurately. In customer relationship management, big data analytics allows banks to better understand customer needs, provide personalized services, and enhance loyalty. Furthermore, big data can inform investment decisions by identifying new opportunities and mitigating risks. While big data brings significant opportunities, it also presents challenges in data governance, privacy, and security that require prudent management. Technical and business model innovations must align to fully realize the potential of big data. Banks should invest in big data infrastructure, promote a data-driven culture, and pursue strategic partnerships. Regulators and policymakers should establish flexible guidelines to encourage big data adoption while protecting consumer privacy. By harnessing big data responsibly, banks can transform into truly customer-centric digital organizations. Overall, big data is redefining the banking industry, and continuous digital transformation is imperative for banks to thrive in the new data-driven era.
Keywords
big data, bank, digital transformation
[1]. Yang, Z.: Research on the Future Transformation Paths of Commercial Banks in the Internet Finance. Trade Fair Economy, 2, 110-112 (2023).
[2]. Krasonikolakis, I., Tsarbopoulos, M., Eng, TY.: Are incumbent banks bygones in the face digital transformation? Journal of General Management, 1, 60-69 (2020).
[3]. Xia, L.: Artificial Intelligence: A New Engine for Promoting Bank Transformation. Times Finance, 11, 43-44 (2020).
[4]. Naimi-Sadigh, A., Asgari, T., Rabiei, M.: Digital transformation in the value chain disruption of banking services. Journal of the Knowledge Economy, 13, 1212-1242 (2022).
[5]. Mamadiyarov, Z.: Analysis of factors affecting remote banking services in the process of bank transformation in uzbekistan. Financial and Credit Activity Problems of Theory and Practice, 1(36), 14-26 (2021).
[6]. Zengan, G., Minchao, L., Guike, Z.: Opportunities, Challenges and Strategies of Bank Digital Transformation in Post COVID-19 Era. Modern Management Science, 3, 103-112 (2021).
[7]. Yening, Z., Shuo, W.: The Impact Mechanism of FinTech on Digital transformation of Commercial Banks: An Empirical Study Based on the mesomeric effect Model. Wuhan Finance, 11, 30-40 (2021).
[8]. Lin, L., Shaohui, C.: Research on credit-risk economic capital management of commercial banks in China. Qinghai Social Sciences, 3, 119-127 (2021).
[9]. Tao, L.: Innovative Practice of Distributed Database of Shenzhen Rural Commercial Bank. FinTech Time, 30(5), 25-27 (2022).
[10]. Kurmanova, D.A., Galimardanov, A.R., Sultangareev, D.R.: Digital transformation of the russian commercial bank. Bulletin USPTU Science education economy Series economy, 1(35), 49-61 (2021).
[11]. Babel, B., Gius, D., Gräwert, A., Lüders, E., Natale, A., Nilsson, B., & Schneider, S.: Capital management: Banking's new imperative. McKinsey Working Papers on Risk, 38 (2012).
[12]. Hassani H., Huang X., Sliva E.: Digitalisation and big data mining in banking. Big Data and Cognitive Computing, 2(3), 1-13 (2018).
Cite this article
Li,L. (2023). The Digital Transformation of the Banking Industry in the Era of Big Data. Advances in Economics, Management and Political Sciences,39,24-30.
Data availability
The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.
Disclaimer/Publisher's Note
The statements, opinions and data contained in all publications are solely those of the individual author(s) and contributor(s) and not of EWA Publishing and/or the editor(s). EWA Publishing and/or the editor(s) disclaim responsibility for any injury to people or property resulting from any ideas, methods, instructions or products referred to in the content.
About volume
Volume title: Proceedings of the 7th International Conference on Economic Management and Green Development
© 2024 by the author(s). Licensee EWA Publishing, Oxford, UK. This article is an open access article distributed under the terms and
conditions of the Creative Commons Attribution (CC BY) license. Authors who
publish this series agree to the following terms:
1. Authors retain copyright and grant the series right of first publication with the work simultaneously licensed under a Creative Commons
Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this
series.
2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the series's published
version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial
publication in this series.
3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and
during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See
Open access policy for details).