The integration of big data in finTech: Review of enhancing financial services through advanced technologies

Big data analytics is revolutionizing the FinTech industry, offering new opportunities for real-time decision-making, personalized financial services, and improved risk management. By leveraging advanced technologies like machine learning and artificial intelligence, financial institutions can efficiently detect fraud, predict market trends, and create innovative solutions tailored to customer needs. Big data also plays a critical role in promoting financial inclusion through alternative credit scoring models, providing access to credit for underserved populations and fostering broader participation in the financial system.

However, the integration of big data into FinTech is not without its challenges. Issues such as data privacy concerns, regulatory complexities, and a shortage of skilled professionals capable of handling sophisticated analytical processes pose significant barriers. Addressing these challenges requires a multi-faceted approach, including the harmonization of global regulations, the development of a skilled workforce, and investment in cutting-edge technologies like AI and cloud computing.This study explores both the opportunities and obstacles associated with big data in FinTech, emphasizing its transformative potential for improving operational efficiency and driving innovation. By shedding light on key applications and emerging trends, this research provides actionable insights for financial institutions, policymakers, and technology developers. It highlights how big data is not only reshaping the financial sector but also contributing to a more inclusive and equitable financial ecosystem.