Analysis of the Application of Big Data Technologies in the Financial Sphere

Abstract

The last years' global development is characterized by the mass introduction of information and communication technologies in all spheres of economic development. The implementation of digital technologies acquired explosive character recently. It is no coincidence that the term "digital economy", indicating the use of the most advanced digital technologies in various sectors of the world economy, has emerged in past years. Today, digital transformation occurs in virtually all areas of economic development, for example, Industry 4.0 in industry, Fintech in the financial sector. The main breakthrough technologies of digital transformation are cloud computing technology, cyber - physical systems, artificial intelligence, and technologies for analysis and processing of big data. One of the drivers of digital modernization is the big data direction. The rapid development of this sphere is explained by the intermittent growth of information, which leads to the impossibility of applying classical methods and tools for processing available data. The paper analyzes the technologies and methods of processing information in the field of big data. Future development of the sectors of the field of big data is given. The research of the big data market in various sectors of economic development was conducted; the leaders in this field are identified. The main directions of using big data in financial institutions as one of the key players in the market are analyzed. The study of the big data market in the financial sphere was carried out; financial indicators, dynamics of the market growth were determined. The main reasons that prevent the big data introduction in financial institutions are shown. The prognosis for the further development of the use of big data in the financial sphere is given.

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