In the context of new data and information sources rapidly expanding in daily business activities, the phenomenon of Big Data and its applications in banks and financial institutions are ever more present, ever more pervasive, and ever more important. Big Data plays an important role in the growth strategy of banks and financial organizations worldwide where the volume of business data doubles every 1.2 years, according to estimates.
Financial firms are leveraging big data to transform their processes, their organizational structures and soon, the entire industry. The use of information including Big Data and analytics is creating a competitive advantage for the organizations, stated by 71 percent of the banking and financial markets firms, compared with 63 percent of cross-industry respondents in the research of IBM Institute for Business Value and the University of Oxford in 2012. This is also a 93 percent increase within only two years, compared to the figure in IBM’s 2010 New Intelligent Enterprise Global Executive Study and Research Collaboration. Big Data, as a leading trend in data analytics solutions, is very powerful for business decision-making, revealing innovative insights and behaviors faster and better than otherwise possible with traditional Business Intelligence.
The banking and finance sector in Vietnam, among the other industries such as retail, telecommunications and digital advertisement, will gain a significant growth if Big Data is leveraged effectively. In addition, Vietnam is recognized as one of the top potential markets for Big Data in Asia. It paves the way for future investments on Big Data in organizations.
However, despite its importance, research on the applications of Big Data is still fairly scarce. This conference aims to foster research on " Big Data and its prospect in banking and finance industry ", bringing together practitioners and academics to discuss different perspectives of Big Data including latest technological advances and how banks and financial institutions can benefit from Big Data as well as innovative applications of data science.