Big Data-Driven Banking Operations: A Review on Opportunities, Challenges, and Data Security Perspective

45 Pages Posted: 13 Jul 2022

See all articles by Arif morshad

Arif morshad

Murdoch University

Ariful Hoque

Murdoch University

Thi Le

Murdoch University - School of Business

Mohammad Zoynul Abedin

Teesside University

Abstract

With the rise of information revolutions such as mobile internet, cloud computing, big data, machine learning, artificial intelligence and the Internet of Things, the banking industry is ushering in new opportunities and severe challenges. It inspired us to develop proposed research concepts to study how data innovations impact banking. We used systematic and bibliometric reviews based on the existing Web of Science and SCOPUS databases to achieve our research goals. The findings include data innovation creating opportunities for a well-developed banking supply chain, effective risk management and financial fraud detection, bank customer analytics, and bank decision-making. Also, data-driven banking faces some challenges, such as more data increased complexity of service management, fierce competition, lack of professional data analysts, and data cost. The study also finds that bank security is one of the most important issues; thus, the banks need to respond to external and internal cyber-attacks and manage vulnerabilities.

Keywords: Banking operation, data-driven banking, big data in banking, industrial operation, Risk Management, banking decision

Suggested Citation

morshad, Arif and Hoque, Ariful and Le, Thi and Abedin, Mohammad Zoynul, Big Data-Driven Banking Operations: A Review on Opportunities, Challenges, and Data Security Perspective. Available at SSRN: https://ssrn.com/abstract=4162008

Arif Morshad

Murdoch University ( email )

Ariful Hoque

Murdoch University ( email )

Murdoch, WA 6150
Australia
+61893606055 (Phone)

HOME PAGE: http://profiles.murdoch.edu.au/myprofile/ariful-hoque/

Thi Le

Murdoch University - School of Business ( email )

Murdoch, WA 6150
Australia

Mohammad Zoynul Abedin (Contact Author)

Teesside University ( email )

Middlesbrough, TS1 3BA
United Kingdom

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