Impact of use of big data in decision making in banking sector of Saudi Arabia

The revolution in the form of big data analytics enforced in several spheres of the banking industry has facilitated numerous banking operations. It not only saves cost and time of the institution but also helps in developing a deep understanding of the banks with customers, detection of frauds and risk management. In Saudi Arabia, growth in investment banking has facilitated development of the financial sector and has increased the number of business transactions. The growth in ubiquitous data in different forms developed the need to adopt big data analytics. In light of this aforementioned information, the current study aimed to understand the impact of big data analytics indecision making in the banking sector of Riyadh in Saudi Arabia. For this, the researcher studied 5 commercial banks and included a survey method with ten management/ higher level authority per bank via a close ended questionnaire. It was found that big data techniques assists in targeted marketing which in turn helps in better decision making in the banking sector.