Effect of Big Data in Banking Sector
Added on 2023-04-22
88 Pages20410 Words156 Views
Business DevelopmentFinanceProfessional DevelopmentDesign and CreativityData Science and Big DataStatistics and ProbabilityWeb DevelopmentDatabasesEconomicsPolitical Science
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Running head: EFFECT OF BIG DATA IN BANKING SECTOR
Effect of Big Data in Banking Sector
Name of the Student:
Name of the University:
Effect of Big Data in Banking Sector
Name of the Student:
Name of the University:
1EFFECT OF BIG DATA IN BANKING SECTOR
Abstract
The revolution is in the form of the big data analytics which enforced in the spheres of the
banking industry which can facilitate various banking related operations. It saves the project cost
as well as time for the banking institution which help to develop an understanding of the banks
with the customers, detection of the frauds and risk management. In Qatar, growth of the
investment into the banking sector has facilitated to develop the financial sector and there is an
increase in the total number of business firm transactions. There is growth into the banking data
in various forms which are developed to adopt the big data analytics. The objectives of this
research study are evaluate benefits of big data, determine root cause of drop in customer
satisfaction and determine the challenges related to big data in banking sector. In this study, there
are two hypothesis based on which the collected data are validated such as there is positive
impact of using big data in the banking sector with respect to the benefits and there is positive
impact of using big data in the banking sector with respect to the challenges faced in big data
implementation. The current study is based to understand effect of the big data analytics to make
in the banking sector of Qatar. In order to collect the data related to the research study, primary
data collection method is used-survey using questionnaire and interview is performed where the
data are collected from 100 respondents of various banks and interview is taken from random
respondents based on the questions related to selected topic. It was found that the big data tools
as well as techniques can assist to target the market which helps towards better decision-making
into the banking sector.
Keywords: Big data, banking, decision making, challenges, customer satisfaction.
Abstract
The revolution is in the form of the big data analytics which enforced in the spheres of the
banking industry which can facilitate various banking related operations. It saves the project cost
as well as time for the banking institution which help to develop an understanding of the banks
with the customers, detection of the frauds and risk management. In Qatar, growth of the
investment into the banking sector has facilitated to develop the financial sector and there is an
increase in the total number of business firm transactions. There is growth into the banking data
in various forms which are developed to adopt the big data analytics. The objectives of this
research study are evaluate benefits of big data, determine root cause of drop in customer
satisfaction and determine the challenges related to big data in banking sector. In this study, there
are two hypothesis based on which the collected data are validated such as there is positive
impact of using big data in the banking sector with respect to the benefits and there is positive
impact of using big data in the banking sector with respect to the challenges faced in big data
implementation. The current study is based to understand effect of the big data analytics to make
in the banking sector of Qatar. In order to collect the data related to the research study, primary
data collection method is used-survey using questionnaire and interview is performed where the
data are collected from 100 respondents of various banks and interview is taken from random
respondents based on the questions related to selected topic. It was found that the big data tools
as well as techniques can assist to target the market which helps towards better decision-making
into the banking sector.
Keywords: Big data, banking, decision making, challenges, customer satisfaction.
2EFFECT OF BIG DATA IN BANKING SECTOR
Acknowledgement
The research is conducted to enrich the experience of my life. The research enhances my
knowledge and skills on the selected research topic. With gaining of the knowledge, it gives me
opportunity to face some challenges and overcome them. Without the guidance of my professors,
friends and family, I would not able to complete the study. They all contribute me to enhance my
knowledge on the research topic. I would also like to thank my supervisor -------------- for
providing me constant support and guidance during the entire research process. Without all their
help, I am not able to collect primary data and valuable resources. Finally, I would also like to
thank the professionals from the Banking Industry who help me to participate in the survey. It
also provides us valuable results for the project work. All their support inspires and enlightens
me to go through the research process.
Heartfelt thanks and warmest wishes,
Yours Sincerely,
Acknowledgement
The research is conducted to enrich the experience of my life. The research enhances my
knowledge and skills on the selected research topic. With gaining of the knowledge, it gives me
opportunity to face some challenges and overcome them. Without the guidance of my professors,
friends and family, I would not able to complete the study. They all contribute me to enhance my
knowledge on the research topic. I would also like to thank my supervisor -------------- for
providing me constant support and guidance during the entire research process. Without all their
help, I am not able to collect primary data and valuable resources. Finally, I would also like to
thank the professionals from the Banking Industry who help me to participate in the survey. It
also provides us valuable results for the project work. All their support inspires and enlightens
me to go through the research process.
Heartfelt thanks and warmest wishes,
Yours Sincerely,
3EFFECT OF BIG DATA IN BANKING SECTOR
Table of Contents
Chapter 1: Introduction....................................................................................................................8
1.1 Background of the study........................................................................................................8
1.2 Aim of the study....................................................................................................................9
1.3 Objectives of the study..........................................................................................................9
1.4 Research question..................................................................................................................9
1.5 Research hypothesis...............................................................................................................9
1.6 Problem statement...............................................................................................................10
1.7 Rationale of the study..........................................................................................................10
1.8 Structure of the study...........................................................................................................10
1.9 Chapter summary.................................................................................................................12
Chapter 2: Literature Review.........................................................................................................13
2.1 Introduction..........................................................................................................................13
2.2 Big Data Concept and its Use..............................................................................................14
2.3 Impact of Big Data in Banking Sector.................................................................................17
2.3.1 Fraud Detection............................................................................................................17
2.3.2 Marketing......................................................................................................................19
2.3.3 Credit Risk Management..............................................................................................20
2.4 Advantages of Big Data in Banking Sector.........................................................................21
2.5 Root cause of customer dissatisfaction and Use of Big Data..............................................23
Table of Contents
Chapter 1: Introduction....................................................................................................................8
1.1 Background of the study........................................................................................................8
1.2 Aim of the study....................................................................................................................9
1.3 Objectives of the study..........................................................................................................9
1.4 Research question..................................................................................................................9
1.5 Research hypothesis...............................................................................................................9
1.6 Problem statement...............................................................................................................10
1.7 Rationale of the study..........................................................................................................10
1.8 Structure of the study...........................................................................................................10
1.9 Chapter summary.................................................................................................................12
Chapter 2: Literature Review.........................................................................................................13
2.1 Introduction..........................................................................................................................13
2.2 Big Data Concept and its Use..............................................................................................14
2.3 Impact of Big Data in Banking Sector.................................................................................17
2.3.1 Fraud Detection............................................................................................................17
2.3.2 Marketing......................................................................................................................19
2.3.3 Credit Risk Management..............................................................................................20
2.4 Advantages of Big Data in Banking Sector.........................................................................21
2.5 Root cause of customer dissatisfaction and Use of Big Data..............................................23
4EFFECT OF BIG DATA IN BANKING SECTOR
2.6 Pitfalls of Big Data in Banking Sector................................................................................27
2.7 Summary..............................................................................................................................29
Chapter 3: Research Methodology................................................................................................30
3.1 Introduction..........................................................................................................................30
3.2 Research philosophy............................................................................................................30
3.2.1 Justification to select research philosophy...................................................................30
3.3 Research approach...............................................................................................................31
3.3.1 Justification to select research approach.......................................................................31
3.4 Research design...................................................................................................................31
3.4.1 Justification to select research design...........................................................................32
3.5 Data collection and analysis................................................................................................32
3.5.1 Data collection methods...............................................................................................32
3.5.2 Data analysis methods..................................................................................................33
3.6 Population and sample.........................................................................................................34
3.7 Ethical considerations..........................................................................................................34
3.8 Research limitations.............................................................................................................34
3.9 Research Timeline...............................................................................................................35
3.10 Summary............................................................................................................................36
Chapter 4: Data Analysis and Findings.........................................................................................37
4.1 Introduction..........................................................................................................................37
2.6 Pitfalls of Big Data in Banking Sector................................................................................27
2.7 Summary..............................................................................................................................29
Chapter 3: Research Methodology................................................................................................30
3.1 Introduction..........................................................................................................................30
3.2 Research philosophy............................................................................................................30
3.2.1 Justification to select research philosophy...................................................................30
3.3 Research approach...............................................................................................................31
3.3.1 Justification to select research approach.......................................................................31
3.4 Research design...................................................................................................................31
3.4.1 Justification to select research design...........................................................................32
3.5 Data collection and analysis................................................................................................32
3.5.1 Data collection methods...............................................................................................32
3.5.2 Data analysis methods..................................................................................................33
3.6 Population and sample.........................................................................................................34
3.7 Ethical considerations..........................................................................................................34
3.8 Research limitations.............................................................................................................34
3.9 Research Timeline...............................................................................................................35
3.10 Summary............................................................................................................................36
Chapter 4: Data Analysis and Findings.........................................................................................37
4.1 Introduction..........................................................................................................................37
5EFFECT OF BIG DATA IN BANKING SECTOR
4.2 Quantitative data analysis- Survey......................................................................................37
4.3 Regression analysis..............................................................................................................58
4.4 Qualitative data analysis- Interview....................................................................................61
4.5 Summary..............................................................................................................................67
Chapter 5: Conclusion...................................................................................................................68
5.1 Conclusion...........................................................................................................................68
5.2 Linking with the objectives.................................................................................................68
5.3 Recommendations................................................................................................................70
5.4 Limitation of the study.........................................................................................................71
5.5 Further scope of the study....................................................................................................71
5.6 Summary..............................................................................................................................72
References......................................................................................................................................73
Appendix........................................................................................................................................79
Survey Questionnaire.................................................................................................................79
4.2 Quantitative data analysis- Survey......................................................................................37
4.3 Regression analysis..............................................................................................................58
4.4 Qualitative data analysis- Interview....................................................................................61
4.5 Summary..............................................................................................................................67
Chapter 5: Conclusion...................................................................................................................68
5.1 Conclusion...........................................................................................................................68
5.2 Linking with the objectives.................................................................................................68
5.3 Recommendations................................................................................................................70
5.4 Limitation of the study.........................................................................................................71
5.5 Further scope of the study....................................................................................................71
5.6 Summary..............................................................................................................................72
References......................................................................................................................................73
Appendix........................................................................................................................................79
Survey Questionnaire.................................................................................................................79
6EFFECT OF BIG DATA IN BANKING SECTOR
Table of Figures
Figure 2.1: Fraud Schemes in Banking Sector..............................................................................18
Figure 4.1: Gender.........................................................................................................................38
Figure 4.2: Age group of respondents...........................................................................................39
Figure 4.3: Experience...................................................................................................................40
Figure 4.4: Percentage of use big data analytics for banking operations......................................41
Figure 4.5: Big data and innovation in data driven.......................................................................42
Figure 4.6: Percentage of improve the customer insights..............................................................44
Figure 4.7: Barrier to adoption of big data in the organization.....................................................45
Figure 4.8: Real time insights for the business is quality of big data............................................47
Figure 4.9: Compliance and regulations- main business challenges for the industry over next 5
years...............................................................................................................................................48
Figure 4.10: Limitations of legacy system- IT challenge for the industry over next 3 years........50
Figure 4.11: Big data challenges affect the level of customer satisfaction...................................51
Figure 4.12: Big data analytics provide personalized banking solutions to the customers...........52
Figure 4.13: Performance analytics by means of big data help in budgeting and innovation in
banking sector................................................................................................................................54
Figure 4.14: Privacy is the main concern for the customers..........................................................55
Figure 4.15: Organization has in-house data experts in big data to develop and deploy the big
data solutions.................................................................................................................................57
Table of Figures
Figure 2.1: Fraud Schemes in Banking Sector..............................................................................18
Figure 4.1: Gender.........................................................................................................................38
Figure 4.2: Age group of respondents...........................................................................................39
Figure 4.3: Experience...................................................................................................................40
Figure 4.4: Percentage of use big data analytics for banking operations......................................41
Figure 4.5: Big data and innovation in data driven.......................................................................42
Figure 4.6: Percentage of improve the customer insights..............................................................44
Figure 4.7: Barrier to adoption of big data in the organization.....................................................45
Figure 4.8: Real time insights for the business is quality of big data............................................47
Figure 4.9: Compliance and regulations- main business challenges for the industry over next 5
years...............................................................................................................................................48
Figure 4.10: Limitations of legacy system- IT challenge for the industry over next 3 years........50
Figure 4.11: Big data challenges affect the level of customer satisfaction...................................51
Figure 4.12: Big data analytics provide personalized banking solutions to the customers...........52
Figure 4.13: Performance analytics by means of big data help in budgeting and innovation in
banking sector................................................................................................................................54
Figure 4.14: Privacy is the main concern for the customers..........................................................55
Figure 4.15: Organization has in-house data experts in big data to develop and deploy the big
data solutions.................................................................................................................................57
7EFFECT OF BIG DATA IN BANKING SECTOR
Table of Tables
Table 4.1: Gender..........................................................................................................................38
Table 4.2: Age group of respondents.............................................................................................39
Table 4.3: Experience....................................................................................................................40
Table 4.4: Percentage of use big data analytics for banking operations........................................41
Table 4.5: Big data and innovation in data driven.........................................................................42
Table 4.6: Percentage of improve the customer insights...............................................................43
Table 4.7: Barrier to adoption of big data in the organization.......................................................45
Table 4.8: Real time insights for the business is quality of big data.............................................46
Table 4.9: Compliance and regulations- main business challenges for the industry over next 5
years...............................................................................................................................................48
Table 4.10: Limitations of legacy system- IT challenge for the industry over next 3 years.........49
Table 4.11: Big data challenges affect the level of customer satisfaction.....................................51
Table 4.12: Big data analytics provide personalized banking solutions to the customers............52
Table 4.13: Performance analytics by means of big data help in budgeting and innovation in
banking sector................................................................................................................................54
Table 4.14: Privacy is the main concern for the customers...........................................................55
Table 4.15: Organization has in-house data experts in big data to develop and deploy the big data
solutions.........................................................................................................................................57
Table 4.16: Summary output of regression analysis conducted for hypothesis 1.........................59
Table 4.16: Summary output of regression analysis conducted for hypothesis 1.........................59
Table 4.17: ANOVA table of regression analysis conducted for hypothesis 1.............................59
Table 4.18: Coefficient table of regression analysis conducted for hypothesis 1.........................59
Table 4.19: Summary output of regression analysis conducted for hypothesis 2.........................60
Table 4.20: ANOVA table of regression analysis conducted for hypothesis 2.............................60
Table 4.21: Coefficient table of regression analysis conducted for hypothesis 2.........................61
Table of Tables
Table 4.1: Gender..........................................................................................................................38
Table 4.2: Age group of respondents.............................................................................................39
Table 4.3: Experience....................................................................................................................40
Table 4.4: Percentage of use big data analytics for banking operations........................................41
Table 4.5: Big data and innovation in data driven.........................................................................42
Table 4.6: Percentage of improve the customer insights...............................................................43
Table 4.7: Barrier to adoption of big data in the organization.......................................................45
Table 4.8: Real time insights for the business is quality of big data.............................................46
Table 4.9: Compliance and regulations- main business challenges for the industry over next 5
years...............................................................................................................................................48
Table 4.10: Limitations of legacy system- IT challenge for the industry over next 3 years.........49
Table 4.11: Big data challenges affect the level of customer satisfaction.....................................51
Table 4.12: Big data analytics provide personalized banking solutions to the customers............52
Table 4.13: Performance analytics by means of big data help in budgeting and innovation in
banking sector................................................................................................................................54
Table 4.14: Privacy is the main concern for the customers...........................................................55
Table 4.15: Organization has in-house data experts in big data to develop and deploy the big data
solutions.........................................................................................................................................57
Table 4.16: Summary output of regression analysis conducted for hypothesis 1.........................59
Table 4.16: Summary output of regression analysis conducted for hypothesis 1.........................59
Table 4.17: ANOVA table of regression analysis conducted for hypothesis 1.............................59
Table 4.18: Coefficient table of regression analysis conducted for hypothesis 1.........................59
Table 4.19: Summary output of regression analysis conducted for hypothesis 2.........................60
Table 4.20: ANOVA table of regression analysis conducted for hypothesis 2.............................60
Table 4.21: Coefficient table of regression analysis conducted for hypothesis 2.........................61
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