The Digital Transformation of the Banking Industry in the Era of Big Data

Research Article
Open access

The Digital Transformation of the Banking Industry in the Era of Big Data

Linghan Li 1*
  • 1 Zhejiang University of Finance & Economics    
  • *corresponding author hanhan.lli319@zufe.edu.cn
Published on 10 November 2023 | https://doi.org/10.54254/2754-1169/39/20231929
AEMPS Vol.39
ISSN (Print): 2754-1177
ISSN (Online): 2754-1169
ISBN (Print): 978-1-83558-099-8
ISBN (Online): 978-1-83558-100-1

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

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.
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References

[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.

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About volume

Volume title: Proceedings of the 7th International Conference on Economic Management and Green Development

ISBN：978-1-83558-099-8(Print) / 978-1-83558-100-1(Online)
Editor：Canh Thien Dang
Conference website: https://www.icemgd.org/
Conference date: 6 August 2023
Series: Advances in Economics, Management and Political Sciences
Volume number: Vol.39
ISSN：2754-1169(Print) / 2754-1177(Online)

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References

[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).

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