Big Data-Driven Banking Operations : A Review on Opportunities, Challenges, and Data Security Perspective

With the rise of information revolutions such as mobile internet, cloud computing, big data, machine learning, artificial intelligence and the Internet of Things, the banking industry is ushering in new opportunities and severe challenges. It inspired us to develop proposed research concepts to study how data innovations impact banking. We used systematic and bibliometric reviews based on the existing Web of Science and SCOPUS databases to achieve our research goals. The findings include data innovation creating opportunities for a well-developed banking supply chain, effective risk management and financial fraud detection, bank customer analytics, and bank decision-making. Also, data-driven banking faces some challenges, such as more data increased complexity of service management, fierce competition, lack of professional data analysts, and data cost. The study also finds that bank security is one of the most important issues; thus, the banks need to respond to external and internal cyber-attacks and manage vulnerabilities