How Analytics Can Facilitate Innovative Financial Services for Consumers in Developed Countries

Abstract

Of late, the financial services industry is quickly moving far from the conventional paradigm on the complicated digital means of offering and the client. Both the facets of the fiscal service sector, The financial service providers and the customers, are going through a digital evolution. Particularly, the banking industry has evolved from a journal of financial assets and ledger entry paradigm to information and analytics driven banking operations, which subsumes online and traditional client behavior. This particular paper covers different scenarios in development, finance services, and insurance, where big data analytics is turning out to be of paramount importance and a catalyst for change. The article additionally highlights the possible benefits of new technologies, like Internet of Things, Blockchain, Robotics and Chatbots.