(Risk) Analytics and Big Data[i] Have become an integral component of business decision-making for banks, financial institutions, insurance, accounting and taxation practices, etc. The breadth of applications in financial services includes understanding customer behaviour, improved efficiency,product innovation, and crime/fraud detection.

Choose a sector within financial services and discuss the ways in which (Risk) Analytics and Big Data are changing and challenging this sector.

The amount of data available online increases exponentially by the second. As an example, a current iPhone has the same data processing capacity as NASA did when they put the first man on the moon. The analysis and processing of this amount of data, which is available almost immediately, opens a new range of possibilities for both new and old processes.

The financial sector is one of many that can benefit from Big data, especially as it relates to risk management, due to more powerful predictive models, decreased reaction time, and greater effectiveness