Features of the use of big data in the financial sector
The purpose of the article is to theoretically comprehend the essence of big data, identify the advantages and risks of its use by financial organisations. The article presents the results of systematisation of knowledge about the nature and features of the big data. It has been revea...
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| Format: | Article |
| Language: | English |
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Publishing House of the State University of Management
2024-08-01
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| Series: | Вестник университета |
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| Online Access: | https://vestnik.guu.ru/jour/article/view/5423 |
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| author | F. O. Chernenkov |
| author_facet | F. O. Chernenkov |
| author_sort | F. O. Chernenkov |
| collection | DOAJ |
| description | The purpose of the article is to theoretically comprehend the essence of big data, identify the advantages and risks of its use by financial organisations. The article presents the results of systematisation of knowledge about the nature and features of the big data. It has been revealed that the technology makes it possible to do better analytical research, create models for forecasting economic trends and market changes, study market dynamics, analyse medical data to improve diagnosis and choice of treatment methods, predict failure or breakdown of equipment in production by assessing data from sensors, develop social and economic programmes at the state level, identify fraud and corruption in the financial sector, etc. The relevance of the rapid development of the big data technology and the expediency of its use in this sphere is substantiated. As a result of the analysis of scientific literature, the author’s definition of the technology in the financial sector is presented. Its novelty lies in considering the features and advantages of applying the big data by financial organisations. The study of the modern practice of their usage in these institutions has revealed the main strengths and disadvantages of the technology in question. |
| format | Article |
| id | doaj-art-192f37b6e4d746bd87dc5876051efd1d |
| institution | Kabale University |
| issn | 1816-4277 2686-8415 |
| language | English |
| publishDate | 2024-08-01 |
| publisher | Publishing House of the State University of Management |
| record_format | Article |
| series | Вестник университета |
| spelling | doaj-art-192f37b6e4d746bd87dc5876051efd1d2025-02-04T08:28:22ZengPublishing House of the State University of ManagementВестник университета1816-42772686-84152024-08-010718118910.26425/1816-4277-2024-7-181-1893165Features of the use of big data in the financial sectorF. O. Chernenkov0Moscow University for Industry and Finance “Synergy”; Limited Liability Company “IT.Philosophy”The purpose of the article is to theoretically comprehend the essence of big data, identify the advantages and risks of its use by financial organisations. The article presents the results of systematisation of knowledge about the nature and features of the big data. It has been revealed that the technology makes it possible to do better analytical research, create models for forecasting economic trends and market changes, study market dynamics, analyse medical data to improve diagnosis and choice of treatment methods, predict failure or breakdown of equipment in production by assessing data from sensors, develop social and economic programmes at the state level, identify fraud and corruption in the financial sector, etc. The relevance of the rapid development of the big data technology and the expediency of its use in this sphere is substantiated. As a result of the analysis of scientific literature, the author’s definition of the technology in the financial sector is presented. Its novelty lies in considering the features and advantages of applying the big data by financial organisations. The study of the modern practice of their usage in these institutions has revealed the main strengths and disadvantages of the technology in question.https://vestnik.guu.ru/jour/article/view/5423big datamachine learningartificial intelligencefinancial sectorfinancial organisationsadvantages of big datadisadvantages of big data |
| spellingShingle | F. O. Chernenkov Features of the use of big data in the financial sector Вестник университета big data machine learning artificial intelligence financial sector financial organisations advantages of big data disadvantages of big data |
| title | Features of the use of big data in the financial sector |
| title_full | Features of the use of big data in the financial sector |
| title_fullStr | Features of the use of big data in the financial sector |
| title_full_unstemmed | Features of the use of big data in the financial sector |
| title_short | Features of the use of big data in the financial sector |
| title_sort | features of the use of big data in the financial sector |
| topic | big data machine learning artificial intelligence financial sector financial organisations advantages of big data disadvantages of big data |
| url | https://vestnik.guu.ru/jour/article/view/5423 |
| work_keys_str_mv | AT fochernenkov featuresoftheuseofbigdatainthefinancialsector |