FinTech (Big Data) in Financially Engineered Products of BFSI* Sector

The Banking, Financial Services, and Insurance (BFSI) sector is considered as a data-driven sector that manages big data, uses of big data in large quantities intensively. Big data brought numerous changes and advantages in the recent decade (2010 to 2020) in the BFSI institutions by taking active participation and contribution in the financially engineered services and products. Financial Engineering(FE) is a process of creating innovative financial models in the BFSI sector. FE process includes designing, developing financially engineered products with the help of FinTech (Big Data, Data Analytics, Data Science, Blockchain Technology (BCT), Mobile Apps, Artificial Intelligence(AI), Internet of Things (IoTs), Information and Communication Technologies (ICTs), Machine Learning tools and InsurTech) in addition to financial mathematics, econometrics, statistics, and other computer software. Notably, critical stakeholders of the sector are enjoying the digital experience with an excelled and enhanced level of financially engineered services and products with big data applications. Surprisingly, a trend is on rising among the customers, and they habituated to see the financially engineered products and services with big data applications at fraud detection, claim settlement, risk management, and other critical operational areas of the BFSI sector. They are enjoying FE products and services with paperless and with online application procedures, digital reporting, digital submissions, digital filing, and with digital payments. Thus, we are interested in studying the role of FinTech to be specific, the role of Big Data applications on financially engineered products of the BFSI sector