Use of big data in financial sector of Bangladesh : a review

The objective of the paper is to review the use of big data analytics (BDA) in banks and non-banks financial institutions (BNBFI) in Bangladesh. Since the advent of information technology (IT), data collection for BNBFI becomes easy through various channels. As BNBFI conduct business through information, data plays essential role to take an accurate decision. Besides, literature suggests use of big data helps BNBFI to reduce customer churn rate, enhance loyalty, manage risk and increase revenue. BNBFI are leveraging big data to transform their processes, their organizations and soon, the entire industry. For this, the study attempts to explore the effect of BDA on the efficiency of BNBFI in Bangladesh using an explorative study. Since no study has been conducted until now, collection of data becomes difficult. However, data has been collected from extensive literature review, company websites, annual reports and formal conversation with the bank employees. The primary observations suggests, some BNBFIs use data analytics regarding customer through ATM transactions, debit and credit card use, online banking and generate the data from Internet and computer that has better performance than the banks which do not use it. But the performance, however, is not identified in which specific functions BNBFI can emphasize the most to promote efficiency and growth. Besides, the observation is preliminary in nature and needs further study to provide recommendation.