The global big data analytics in banking market is anticipated to grow at a CAGR of 28.5% during the forecast period (2021-2027). The increase in the cloud deployment and maintenance of huge records of transactions is propelling the growth of big data analytics in banking market. Thousands of data are recoded by banks in the form of transactions. Big data analytics provide a platform for the easy record of these transactions. In addition to this, big data analytics enables the banks to understand the customer behavior and preferences based on the inputs received from various insights that include investment patterns, shopping trends, motivation to invest, and personal or financial background. Furthermore, it also helps in the detection of fraud. For instance, in February 2020 Oracle’s Financial Crime and Compliance Management (FCCM) suite of products added an integrated analytics workbench, 300-plus customer risk indicators, and embedded graph analytics visualizations. These were built to help financial institutions fight money laundering and achieve compliance.
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The key companies operating in the industry are highly inclined towards the adoption of different growth strategies including acquisition, technological advancement, and product innovation, to remain competitive in the marketplace. For instance, in February 2020 - The Central Bank of Libya in Tripoli has upgraded its current FLEXCUBE solution that is offered by Oracle Corporation. FLEXCUBE supports the banks to meet customers’ evolving expectations for more digital, responsive, and connected experiences. In addition to this, the integrated solution also helps the banking staff with critical insights and helps to improve operations. Furthermore, in December 2020, Accenture plc acquired End-to-End Analytics LLC, to strengthen data analytics consulting capabilities in Latin America and the US.
Market Coverage
o By Deployment Type
o By Application
o North America
o Europe
o Asia-Pacific
o Rest of the World
Key questions addressed by the report
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
Global Big Data Analytics in Banking Market Report Segment
By Deployment Type
By Application
Global Big Data Analytics in Banking Market Report Segment By Region
North America
Europe
Asia-Pacific
Rest of the World
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