{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,3,25]],"date-time":"2026-03-25T13:54:54Z","timestamp":1774446894701,"version":"3.50.1"},"reference-count":73,"publisher":"MDPI AG","issue":"10","license":[{"start":{"date-parts":[[2020,10,10]],"date-time":"2020-10-10T00:00:00Z","timestamp":1602288000000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Mathematics"],"abstract":"<jats:p>One of the latest innovations in business and technology is the use of big data, as daily data are generated by billions of events. The big data issue is now considered in the accountants and finance professionals\u2019 field as one of the most important sources for the analysis of financial products and services. This study is very innovative, with our research aiming to identify the opportunities, challenges, and implications of big data in the finance area. It is our purpose to find competitive advantages in terms of the extent to which big data brings visible benefits, also pointing out the challenges that a company may face in this field, such as cases of customers\u2019 data security or customer satisfaction processes. The identification of this kind of dynamics allows us to draw conclusions on the advantages of big data based on these analyses and big data\u2019s deep impact on finance. In particular, big data is now commonly used by financial institutions and banks for analytical purposes in financial market contexts. We conducted an exploratory survey of the existing literature to highlight such connections. In the last part of our study, we also propose directions for future research.<\/jats:p>","DOI":"10.3390\/math8101738","type":"journal-article","created":{"date-parts":[[2020,10,12]],"date-time":"2020-10-12T10:18:00Z","timestamp":1602497880000},"page":"1738","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":44,"title":["Identifying Big Data\u2019s Opportunities, Challenges, and Implications in Finance"],"prefix":"10.3390","volume":"8","author":[{"given":"Huidong","family":"Sun","sequence":"first","affiliation":[{"name":"Economics and Management School, Wuhan University, Wuhan 430072, China"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-9263-5657","authenticated-orcid":false,"given":"Mustafa Raza","family":"Rabbani","sequence":"additional","affiliation":[{"name":"College of Business Administration, Department of Finance and Accounting, Kingdom University, Riffa 40434, Bahrain"}]},{"given":"Muhammad Safdar","family":"Sial","sequence":"additional","affiliation":[{"name":"Department of Management Sciences, COMSATS University Islamabad (CUI), Islamabad 44000, Pakistan"}]},{"given":"Siming","family":"Yu","sequence":"additional","affiliation":[{"name":"Business School, Hubei University, Wuhan 430062, China"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-1264-4252","authenticated-orcid":false,"given":"Jos\u00e9 Ant\u00f3nio","family":"Filipe","sequence":"additional","affiliation":[{"name":"Department of Mathematics, ISTA\u2014School of Technology and Architecture, Iscte\u2013Instituto Universit\u00e1rio de Lisboa, Information Sciences, Technologies and Architecture Research Center (ISTAR-IUL), Business Research Unit-IUL (BRU-IUL), 1649-026 Lisbon, Portugal"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-8530-6951","authenticated-orcid":false,"given":"Jacob","family":"Cherian","sequence":"additional","affiliation":[{"name":"College of Business, Abu Dhabi University, Abu Dhabi 59911, UAE"}]}],"member":"1968","published-online":{"date-parts":[[2020,10,10]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"1581","DOI":"10.1080\/01605682.2019.1595193","article-title":"Computational approaches and data analytics in financial services: A literature review","volume":"70","author":"Andriosopoulos","year":"2019","journal-title":"J. Oper. Res. Soc."},{"key":"ref_2","doi-asserted-by":"crossref","unstructured":"Sun, Y., Shi, Y., and Zhang, Z. (2019). Finance Big Data: Management, Analysis, and Applications, Taylor & Francis.","DOI":"10.1080\/10864415.2018.1512270"},{"key":"ref_3","doi-asserted-by":"crossref","first-page":"88","DOI":"10.1016\/j.jmoneco.2018.05.006","article-title":"Comments on: Big data in finance and the growth of large firms, by Juliane Begenau & Maryam Farboodi & Laura Veldkamp","volume":"97","author":"Routledge","year":"2018","journal-title":"J. Monet. Econ."},{"key":"ref_4","first-page":"1","article-title":"Current landscape and influence of big data on finance","volume":"7","author":"Morshadul","year":"2020","journal-title":"J. Big Data"},{"key":"ref_5","doi-asserted-by":"crossref","first-page":"203","DOI":"10.1016\/j.jeconom.2019.04.027","article-title":"Monitoring banking system connectedness with big data","volume":"212","author":"Hale","year":"2019","journal-title":"J. Econom."},{"key":"ref_6","doi-asserted-by":"crossref","unstructured":"Shen, D., and Chen, S.-H. (2018). Big data finance and financial markets. Big Data in Computational Social Science and Humanities, Springer.","DOI":"10.1007\/978-3-319-95465-3"},{"key":"ref_7","unstructured":"Ewen, J. (Tamoco, 2019). How big data is changing the finance industry, Tamoco."},{"key":"ref_8","unstructured":"Hill, C. (Big Data Made Simple, 2018). Where big data is taking the financial industry: Trends in 2018, Big Data Made Simple."},{"key":"ref_9","unstructured":"Razin, E. (Forbes, 2015). Big buzz about big data: 5 ways big data is changing finance, Forbes."},{"key":"ref_10","doi-asserted-by":"crossref","unstructured":"Diebold, F.X., Ghysels, E., Mykland, P., and Zhang, L. (2019). Big Data in Dynamic Predictive Econometric Modeling, Elsevier.","DOI":"10.1016\/j.jeconom.2019.04.017"},{"key":"ref_11","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1086\/674019","article-title":"The data revolution and economic analysis","volume":"14","author":"Einav","year":"2014","journal-title":"Innov. Policy Econ."},{"key":"ref_12","doi-asserted-by":"crossref","first-page":"313","DOI":"10.1007\/s10479-016-2236-y","article-title":"Big data and supply chain management: A review and bibliometric analysis","volume":"270","author":"Mishra","year":"2018","journal-title":"Ann. Oper. Res."},{"key":"ref_13","unstructured":"Russom, P. (2013). Managing Big Data, TDWI Research. TDWI Best Practices Report."},{"key":"ref_14","doi-asserted-by":"crossref","unstructured":"Prescott, M.E. (2014). Big Data and Competitive Advantage at Nielsen, Management Decision.","DOI":"10.1108\/MD-09-2013-0437"},{"key":"ref_15","doi-asserted-by":"crossref","first-page":"137","DOI":"10.1007\/s40595-016-0064-2","article-title":"A classification framework for data marketplaces","volume":"3","author":"Stahl","year":"2016","journal-title":"Vietnam J. Comput. Sci."},{"key":"ref_16","doi-asserted-by":"crossref","first-page":"2561","DOI":"10.1016\/j.jpdc.2014.01.003","article-title":"Trends in big data analytics","volume":"74","author":"Kambatla","year":"2014","journal-title":"J. Parallel Distrib. Comput."},{"key":"ref_17","doi-asserted-by":"crossref","first-page":"234","DOI":"10.1016\/j.ijpe.2014.12.031","article-title":"How \u2019big data\u2019 can make big impact: Findings from a systematic review and a longitudinal case study","volume":"165","author":"Wamba","year":"2015","journal-title":"Int. J. Prod. Econ."},{"key":"ref_18","unstructured":"Dumbill, E. (2012). Planning for Big Data, Sebastopol."},{"key":"ref_19","first-page":"2","article-title":"Machine learning big data framework and analytics for big data problems","volume":"6","author":"Hasan","year":"2014","journal-title":"Int. J. Adv. Soft. Compu. Appl."},{"key":"ref_20","doi-asserted-by":"crossref","first-page":"2005","DOI":"10.1007\/s11192-015-1638-y","article-title":"A systematic method to create search strategies for emerging technologies based on the web of science: Illustrated for \u2018Big Data\u2019","volume":"105","author":"Huang","year":"2015","journal-title":"Scientometrics"},{"key":"ref_21","doi-asserted-by":"crossref","first-page":"98","DOI":"10.1016\/j.is.2014.07.006","article-title":"The rise of \u201cbig data\u201d on cloud computing: Review and open research issues","volume":"47","author":"Hashem","year":"2015","journal-title":"Inf. Syst."},{"key":"ref_22","doi-asserted-by":"crossref","first-page":"97","DOI":"10.1063\/1.4907823","article-title":"What is big data? A consensual definition and a review of key research topics","volume":"Volume 1644","author":"Greco","year":"2015","journal-title":"AIP Conference Proceedings"},{"key":"ref_23","doi-asserted-by":"crossref","first-page":"77","DOI":"10.1111\/jbl.12010","article-title":"Data science, predictive analytics, and big data: A revolution that will transform supply chain design and management","volume":"34","author":"Waller","year":"2013","journal-title":"J. Bus. Logist."},{"key":"ref_24","doi-asserted-by":"crossref","first-page":"255","DOI":"10.1038\/498255a","article-title":"Biology: The big challenges of big data","volume":"498","author":"Marx","year":"2013","journal-title":"Nature"},{"key":"ref_25","doi-asserted-by":"crossref","first-page":"1165","DOI":"10.2307\/41703503","article-title":"Business intelligence and analytics: From big data to big impact","volume":"36","author":"Chen","year":"2012","journal-title":"MIS Q."},{"key":"ref_26","first-page":"31","article-title":"Big data challenges","volume":"4","author":"Tole","year":"2013","journal-title":"Database Syst. J."},{"key":"ref_27","doi-asserted-by":"crossref","first-page":"599","DOI":"10.1016\/j.procs.2019.08.084","article-title":"Big data approach and its applications in various fields","volume":"155","author":"Rabhi","year":"2019","journal-title":"Procedia Comput. Sci."},{"key":"ref_28","doi-asserted-by":"crossref","first-page":"43","DOI":"10.1080\/08956308.2017.1348135","article-title":"Big Data and the Future of R&D Management: The rise of big data and big data analytics will have significant implications for R&D and innovation management in the next decade","volume":"60","author":"Blackburn","year":"2017","journal-title":"Res. Technol. Manag."},{"key":"ref_29","doi-asserted-by":"crossref","first-page":"203","DOI":"10.1007\/s40171-017-0159-3","article-title":"Big data analytics: A review on theoretical contributions and tools used in literature","volume":"18","author":"Grover","year":"2017","journal-title":"Glob. J. Flex. Syst. Manag."},{"key":"ref_30","doi-asserted-by":"crossref","first-page":"1483","DOI":"10.1007\/s10845-018-1440-9","article-title":"A big data analytics based machining optimisation approach","volume":"30","author":"Ji","year":"2019","journal-title":"J. Intell. Manuf."},{"key":"ref_31","doi-asserted-by":"crossref","first-page":"403","DOI":"10.1007\/s10846-017-0561-2","article-title":"Robust steering control for autonomous homing and its application in visual homing under practical conditions","volume":"89","author":"Arunkumar","year":"2018","journal-title":"J. Intell. Robot. Syst."},{"key":"ref_32","doi-asserted-by":"crossref","first-page":"52","DOI":"10.1016\/j.indmarman.2019.11.002","article-title":"B2B analytics in the airline market: Harnessing the power of consumer big data","volume":"86","author":"Holland","year":"2020","journal-title":"Ind. Mark. Manag."},{"key":"ref_33","doi-asserted-by":"crossref","first-page":"102034","DOI":"10.1016\/j.ijinfomgt.2019.11.002","article-title":"Cloud-based big data analytics for customer insight-driven design innovation in SMEs","volume":"51","author":"Liu","year":"2020","journal-title":"Int. J. Inf. Manag."},{"key":"ref_34","doi-asserted-by":"crossref","first-page":"592","DOI":"10.1016\/j.jclepro.2019.05.245","article-title":"Challenges, opportunities and paradigm of applying big data to production safety management: From a theoretical perspective","volume":"231","author":"Huang","year":"2019","journal-title":"J. Clean. Prod."},{"key":"ref_35","doi-asserted-by":"crossref","first-page":"106099","DOI":"10.1016\/j.cie.2019.106099","article-title":"Understanding big data analytics for manufacturing processes: Insights from literature review and multiple case studies","volume":"137","author":"Belhadi","year":"2019","journal-title":"Comput. Ind. Eng."},{"key":"ref_36","doi-asserted-by":"crossref","first-page":"107599","DOI":"10.1016\/j.ijpe.2019.107599","article-title":"Big data analytics and artificial intelligence pathway to operational performance under the effects of entrepreneurial orientation and environmental dynamism: A study of manufacturing organisations","volume":"226","author":"Dubey","year":"2020","journal-title":"Int. J. Prod. Econ."},{"key":"ref_37","first-page":"30","article-title":"Connecting big data management capabilities with employee ambidexterity in Chinese multinational enterprises through the mediation of big data value creation at the employee level","volume":"101604","author":"Shamim","year":"2019","journal-title":"Int. Bus. Rev."},{"key":"ref_38","doi-asserted-by":"crossref","first-page":"107","DOI":"10.1080\/08898480.2017.1418113","article-title":"Big data in policy making","volume":"26","author":"Aragona","year":"2019","journal-title":"Math. Popul. Stud."},{"key":"ref_39","doi-asserted-by":"crossref","first-page":"104559","DOI":"10.1016\/j.resconrec.2019.104559","article-title":"Big data analytics as an operational excellence approach to enhance sustainable supply chain performance","volume":"153","author":"Bag","year":"2020","journal-title":"Resour. Conserv. Recycl."},{"key":"ref_40","first-page":"1","article-title":"Big data analytics and business analytics","volume":"2","author":"Duan","year":"2015","journal-title":"J. Manag. Anal."},{"key":"ref_41","doi-asserted-by":"crossref","first-page":"191","DOI":"10.1016\/j.adiac.2008.08.011","article-title":"The association between corporate governance and earnings quality: Further evidence using the GOV-Score","volume":"24","author":"Jiang","year":"2008","journal-title":"Adv. Account."},{"key":"ref_42","doi-asserted-by":"crossref","first-page":"479","DOI":"10.1007\/s10257-018-0377-z","article-title":"Big data and business analytics ecosystems: Paving the way towards digital transformation and sustainable societies","volume":"16","author":"Pappas","year":"2018","journal-title":"Inf. Syst. Bus. Manag."},{"key":"ref_43","doi-asserted-by":"crossref","first-page":"338","DOI":"10.1177\/1524839908325335","article-title":"Enhancing promotional strategies within social marketing programs: Use of Web 2.0 social media","volume":"9","author":"Thackeray","year":"2008","journal-title":"Health Promot. Pract."},{"key":"ref_44","doi-asserted-by":"crossref","first-page":"90","DOI":"10.1016\/j.indmarman.2019.12.005","article-title":"Fostering B2B sales with customer big data analytics","volume":"86","author":"Hallikainen","year":"2020","journal-title":"Ind. Mark. Manag."},{"key":"ref_45","doi-asserted-by":"crossref","first-page":"18","DOI":"10.1186\/s40537-016-0053-4","article-title":"Big data analysis for financial risk management","volume":"3","author":"Cerchiello","year":"2016","journal-title":"J. Big Data"},{"key":"ref_46","doi-asserted-by":"crossref","unstructured":"Hussain, K., and Prieto, E. (2016). Big data in the finance and insurance sectors. New Horizons for a Data-Driven Economy, Springer.","DOI":"10.1007\/978-3-319-21569-3_12"},{"key":"ref_47","doi-asserted-by":"crossref","first-page":"85","DOI":"10.1080\/10864415.2018.1512283","article-title":"How do the global stock markets Influence one another? Evidence from finance big data and granger causality directed network","volume":"23","author":"Tang","year":"2019","journal-title":"Int. J. Electron. Commer."},{"key":"ref_48","doi-asserted-by":"crossref","unstructured":"Boar, A., Bastida, R., and Marimon, F. (2020). A systematic literature review. Relationships between the sharing economy, sustainability and sustainable development goals. Sustainability, 12.","DOI":"10.3390\/su12176744"},{"key":"ref_49","doi-asserted-by":"crossref","unstructured":"Mio, C., Panfilo, S., and Blundo, B. (2020). Sustainable development goals and the strategic role of business: A systematic literature review. Bus. Strateg. Environ.","DOI":"10.1002\/bse.2568"},{"key":"ref_50","doi-asserted-by":"crossref","first-page":"27","DOI":"10.1186\/s40854-019-0147-z","article-title":"A systematic review of blockchain","volume":"5","author":"Xu","year":"2019","journal-title":"Financ. Innov."},{"key":"ref_51","doi-asserted-by":"crossref","first-page":"71","DOI":"10.1016\/j.jmoneco.2018.05.013","article-title":"Big data in finance and the growth of large firms","volume":"97","author":"Begenau","year":"2018","journal-title":"J. Monet. Econ."},{"key":"ref_52","doi-asserted-by":"crossref","first-page":"23","DOI":"10.1002\/jcaf.21872","article-title":"Big data: Implications for financial managers","volume":"24","author":"Fanning","year":"2013","journal-title":"J. Corp. Account. Financ."},{"key":"ref_53","doi-asserted-by":"crossref","first-page":"721","DOI":"10.1080\/1540496X.2016.1278528","article-title":"Internet finance: Its uncertain legal foundations and the role of big data in its development","volume":"54","author":"Yang","year":"2018","journal-title":"Emerg. Mark. Financ. Trade"},{"key":"ref_54","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1186\/s40854-015-0017-2","article-title":"Value of big data to finance: Observations on an internet credit Service Company in China","volume":"1","author":"Zhang","year":"2015","journal-title":"Financ. Innov."},{"key":"ref_55","first-page":"63","article-title":"Big data analytics: Opportunity or threat for the accounting profession?","volume":"31","author":"Richins","year":"2017","journal-title":"J. Inf. Syst."},{"key":"ref_56","doi-asserted-by":"crossref","first-page":"662","DOI":"10.1080\/1369118X.2012.678878","article-title":"Critical questions for big data: Provocations for a cultural, technological, and scholarly phenomenon","volume":"15","author":"Boyd","year":"2012","journal-title":"Inf. Commun. Soc."},{"key":"ref_57","doi-asserted-by":"crossref","first-page":"45","DOI":"10.1108\/SL-05-2014-0034","article-title":"How strategists use \u201cbig data\u201d to support internal business decisions, discovery and production","volume":"42","author":"Davenport","year":"2014","journal-title":"Strategy Leadersh."},{"key":"ref_58","first-page":"29","article-title":"An overview on big data and hadoop","volume":"154","author":"Hannan","year":"2016","journal-title":"Int. J. Comput. Appl."},{"key":"ref_59","doi-asserted-by":"crossref","first-page":"397","DOI":"10.2308\/acch-51069","article-title":"How big data will change accounting","volume":"29","author":"Warren","year":"2015","journal-title":"Account. Horiz."},{"key":"ref_60","doi-asserted-by":"crossref","first-page":"381","DOI":"10.2308\/acch-51071","article-title":"Big data in accounting: An overview","volume":"29","author":"Vasarhelyi","year":"2015","journal-title":"Account. Horiz."},{"key":"ref_61","doi-asserted-by":"crossref","first-page":"133","DOI":"10.1111\/j.1099-1123.2007.00359.x","article-title":"Meeting challenges and expectations of continuous auditing in the context of independent audits of financial statements","volume":"11","author":"Du","year":"2007","journal-title":"Int. J. Audit."},{"key":"ref_62","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1016\/j.jocs.2010.12.007","article-title":"Twitter mood predicts the stock market","volume":"2","author":"Bollen","year":"2011","journal-title":"J. Comput. Sci."},{"key":"ref_63","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1080\/08985629100000001","article-title":"Network evolution, entrepreneurial success, and regional development","volume":"3","author":"Butler","year":"1991","journal-title":"Entrep. Reg. Dev."},{"key":"ref_64","unstructured":"Kh, R. (Smart Dala Collective, 2018). How big data can play an essential role in fintech evolutionno title, Smart Dala Collective."},{"key":"ref_65","first-page":"721","article-title":"Prevention and supervision of internet financial risk in the context of big data","volume":"32","author":"Niu","year":"2017","journal-title":"Revista de La Facultad de Ingenier\u00eda"},{"key":"ref_66","doi-asserted-by":"crossref","first-page":"240","DOI":"10.1080\/17538963.2016.1210366","article-title":"The fundamentals of internet finance and its policy implications in China","volume":"9","author":"Xie","year":"2016","journal-title":"China Econ. J."},{"key":"ref_67","doi-asserted-by":"crossref","first-page":"357","DOI":"10.1016\/j.accinf.2014.05.006","article-title":"A taxonomy to guide research on the application of data mining to fraud detection in financial statement audits. Int","volume":"15","author":"Gray","year":"2014","journal-title":"J. Account. Inf. Syst."},{"key":"ref_68","doi-asserted-by":"crossref","first-page":"559","DOI":"10.1016\/j.dss.2010.08.006","article-title":"The application of data mining techniques in financial fraud detection: A classification framework and an academic review of literature","volume":"50","author":"Ngai","year":"2011","journal-title":"Decis. Support Syst."},{"key":"ref_69","doi-asserted-by":"crossref","first-page":"3699","DOI":"10.1007\/s11277-018-5402-5","article-title":"Application of data mining technology in financial risk analysis","volume":"102","author":"Jin","year":"2018","journal-title":"Wirel. Pers. Commun."},{"key":"ref_70","doi-asserted-by":"crossref","first-page":"7653","DOI":"10.1016\/j.eswa.2014.06.009","article-title":"Text mining for market prediction: A systematic review","volume":"41","author":"Nassirtoussi","year":"2014","journal-title":"Expert Syst. Appl."},{"key":"ref_71","first-page":"109","article-title":"Application of data mining techniques in stock markets: A survey","volume":"2","author":"Hajizadeh","year":"2010","journal-title":"J. Econ. Int. Financ."},{"key":"ref_72","doi-asserted-by":"crossref","first-page":"448","DOI":"10.1016\/j.jbusres.2018.02.008","article-title":"Big Data techniques to measure credit banking risk in home equity loans","volume":"89","author":"Vaca","year":"2018","journal-title":"J. Bus. Res."},{"key":"ref_73","doi-asserted-by":"crossref","first-page":"323","DOI":"10.1111\/auar.12218","article-title":"Big data opportunities for accounting and finance practice and research","volume":"28","author":"Cockcroft","year":"2018","journal-title":"Aust. Account. Rev."}],"container-title":["Mathematics"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.mdpi.com\/2227-7390\/8\/10\/1738\/pdf","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,10,11]],"date-time":"2025-10-11T10:19:09Z","timestamp":1760177949000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.mdpi.com\/2227-7390\/8\/10\/1738"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2020,10,10]]},"references-count":73,"journal-issue":{"issue":"10","published-online":{"date-parts":[[2020,10]]}},"alternative-id":["math8101738"],"URL":"https:\/\/doi.org\/10.3390\/math8101738","relation":{},"ISSN":["2227-7390"],"issn-type":[{"value":"2227-7390","type":"electronic"}],"subject":[],"published":{"date-parts":[[2020,10,10]]}}}