Big Data Analytics: Analyzing the Significance of it in Light to Indian Banking Sector

Banks are the engines that drive the financial sector, monetary markets, and economic expansion. Since the introduction of information technology (IT) in the 1980s, 1990s, and 2000s, the Indian banking sector has experienced a number of changes in terms of how IT is applied to various banking operations from different perspectives, such as cutting expenses, earning revenue, detection of fraud, security concerns, etc. These changes are still ongoing with the emergence of new trends like business intelligence and big data analytics. Banks are utilizing big data to their advantage. To obtain a general competitive edge, they push for innovations in data and analytics through the use of big data and data science. Due to the vast amount of data about transactions that banks collect, big data has the ability to completely change business operations and procedures. Big Data analytics is the answer to the current banking environment's challenges of growing competitiveness, fraud, and cyber security risks.