Advances in Economics, Management and Political Sciences

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

Series Vol. 39 , 10 November 2023


Open Access | Article

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

Linghan Li * 1
1 Zhejiang University of Finance & Economics

* Author to whom correspondence should be addressed.

Advances in Economics, Management and Political Sciences, Vol. 39, 24-30
Published 10 November 2023. © 2023 The Author(s). Published by EWA Publishing
This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Citation Linghan Li. The Digital Transformation of the Banking Industry in the Era of Big Data. AEMPS (2023) Vol. 39: 24-30. DOI: 10.54254/2754-1169/39/20231929.

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

References

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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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Volume Title
Proceedings of the 7th International Conference on Economic Management and Green Development
ISBN (Print)
978-1-83558-099-8
ISBN (Online)
978-1-83558-100-1
Published Date
10 November 2023
Series
Advances in Economics, Management and Political Sciences
ISSN (Print)
2754-1169
ISSN (Online)
2754-1177
DOI
10.54254/2754-1169/39/20231929
Copyright
© 2023 The Author(s)
Open Access
This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited

Copyright © 2023 EWA Publishing. Unless Otherwise Stated