The Impact of Technology, Big Data, and Analytics: The Evolving Data-Driven Model of Innovation in the Finance Industry

Abstract

The rise of digital technologies in the 21st century has brought about a profound transformation in the way people live their lives, and this shift is having a significant impact on the global economy. As a result, businesses in all sectors are being forced to reevaluate their operations and decision-making processes, including the financial sector. This study investigates the different factors that are compelling financial institutions to rethink their approaches to doing business. The study also presents the emerging data-centric and analytics-driven business model of the finance sector, which is necessary to adapt, survive, and compete in today’s dynamic and highly digitized global market.