Authors:
Victor Chang
1
;
Lina Xiao
2
;
Qianwen Xu
2
and
Mitra Arami
3
Affiliations:
1
School of Computing, Engineering and Digital Technologies, Teesside University, Middlesbrough, U.K.
;
2
IBSS, Xi’an Jiaotong-Liverpool University, Suzhou, China
;
3
PARDIS Ltd, London, U.K.
Keyword(s):
Big Data, IoT, Banks, Ethical Issues of Big Data, Suggested Solutions.
Abstract:
Nowadays, Big Data and the Internet of Things (IoT) are one of the most popular topics. This review paper demonstrates an overview of the application of Big Data and IoT in banking institutions. In the beginning, a brief definition of Big data and IoT is provided and the integration of technologies by banks is illustrated. Then, this paper explains the potential sources where banks could generate Big Data. Next, the major works that banking institutions use Big Data are listed. In the final two parts, some acute ethical concerns are raised and appropriate solutions are suggested for the banking industry and other organizations.