Big Data Insights: Pioneering Changes in FinTech

Abstract

The amount of data generated and stored by finance sector companies is rapidly increasing, allowing corporations to conduct data analytics and enhance their businesses. However, data scientists face immense challenges in efficiently handling massive amounts of data and generating insights with real business value. Big Data Analytics (BDA) tools and methods are required to handle vast data. Financial Technology's (FinTech's) growth in mobile Internet, cloud computing, big data, search engines, and blockchain technology has dramatically changed the financial industry. The appropriate application of big data in the management and business innovation of FinTech is therefore a significant concern that confronts the whole finance industry. This paper explores the significance of big data methods in the financial sector and offers insights into the difficulties in applying them as well as future potential for technological advancement. Along with its classifications, the paper examines how FinTech evolved from traditional to modern banking. Corporate banking encompasses several aspects, such as financial markets, corporate credit, and trade, involving substantial transactions and monetary resources. Consequently, this sector has a favorable opportunity to use emerging information technology (IT) advancements. Lastly, the study examines how BDA contributes to FinTech difficulties and projects how FinTech will develop in the future within the context of BDA. © 2024 IEEE.