Evaluation of Using Big Data Technologies in Russian Financial Institutions

Abstract

Today’s development of the world economy cannot be imagined without the implementation of digital technologies that transform entire economic sectors. Digital modernization of the world economy has led to the emergence of a new direction in economic development - the digital economy. It bases on the introduction of the most advanced information and communication technologies. In 2017, the state program "Digital Economy of the Russian Federation" was adopted in Russia. It provides the goals and tasks for implementing the state policy to develop the digital economy in Russia. The introduction and application of technologies for processing and analysis of big data are on the first place in this program. One of the leaders in this area in the Russian Federation is financial institutions. They have accumulated huge amounts of data for many years of their existence that require careful analysis and processing for further use. The paper analyzes modern technologies in the field of big data, reveals the most promising technologies that spread in the Russian market. In addition, the financial evaluation of the Russian big data market was carried out, the dynamics and growth rates were analyzed, future development was determined, the leaders in the application and implementation of these technologies were identified. The introduction and use of big data in Russian financial institutions were analyzed, the financial evaluation of the Russian big data market in the financial sphere was made, and the main directions of application of these technologies in credit institutions are defined. During the research, the reasons that hinder the more mass and rapid introduction of big data in Russian financial institutions were identified and considered.