Enhancing Risk Management, Fraud Detection and Personalized Services in Financial Services with Big Data in the United Kingdom
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Abstract
The financial services industry in the United Kingdom is undergoing a massive digital transformation, driven by the increasing adoption of big data technologies. This research paper aims to explore the potential of big data analytics in enhancing risk management, fraud detection, and personalized services in the UK financial sector. By leveraging the vast amounts of structured and unstructured data generated daily, financial institutions can gain valuable insights, mitigate risks, and deliver superior customer experiences. This paper investigates the current state of big data adoption, the challenges faced, and the best practices for implementing effective big data strategies. Moreover, it delves into the ethical and regulatory considerations surrounding data privacy and security. Through a comprehensive analysis of industry trends, case studies, and expert opinions, this research provides actionable recommendations for financial institutions seeking to harness the power of big data to drive innovation, reduce costs, and maintain a competitive edge in the rapidly evolving financial landscape.
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Last updated: 05-02-2023