How does Big Data help with financial risk management?


Blog #3
Student Name: June 陳寶寶
Student ID: D0732725

Website: https://www.icarvision.com/en/how-does-big-data-help-with-financial-risk-management-



How does Big Data help with financial risk management?

            Finance is beneficial from mining of big data, specifically the risk management. It has more powerful effects. FinTech (Financial Technology) industry can identify the risks and opportunities to provide efficient and sustainable financial services.
            Big Data can help in many fields such as in fraud management, credit management, money laundering, market and commercial loans, operational risk, and integrated risk management.
            It has the research from The Economist Intelligence Unit that Big Data is outstanding the most in credit card fraud prevention and the second outstanding is credit repayment risk evaluation and the third is liquidity requirements. And the least benefit are regulatory compliance and reporting and market trends prediction.
            In this article, it said the big data can have opportunities in every field. Moreover, it has most three potential effect: quick contact with clients, use of predictive models, and payment behavior tracking. It is more and more dependent. Making it has more opportunity that benefit the finance field.

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