Authors: Maria Chrysostomou, Ariadni Chysostomou, Nikolaos Gerantonis

Title: Implementation of Big Data infrastructure in the financial sector

Abstract

Implementation of Big Data infrastructure in the financial sector

Chrysostomou Maria¹,

Chrysostomou Ariadni²,

Gerantonis Nikolaos¹

¹Hellenic Open University ²National Technical University of Athens

Email: mchryso@hotmail.com

1           Abstract

Big data resulted from the evolution of data transmission, storage systems and processing capabilities, and is expected bring enormous social and economic benefits. To compete in a data-driven market, banks have to think of their position in the big data ecosystem and should define a data policy with clean and measurable milestones, select specific application cases with a business value, develop an appropriate data architecture and develop data governance.

European Union has taken actions and invested on digital technology in order to implement its Digital Single Market strategy.

Purpose of this article is to present the benefits and challenges of big data in the financial sector, the basic analysis methods and big data architectures, and the need for financial institution-oriented standardization.

Keywords: Big Data, Financial institutions, Banks, Digital Single Market