Advancing Data Security in Global Banking: Innovative Big Data Management Techniques

Abstract

In the context of the rapidly evolving digital landscape, the banking sector faces unprecedented challenges in data security due to the massive volumes of sensitive information they manage. This paper examines the implementation and efficacy of innovative big data management techniques within global banking institutions to enhance data security. It discusses the integration of predictive analytics, the impact of regulatory changes, and the adoption of emerging technologies like blockchain and advanced encryption, which collectively redefine data security strategies. The study utilises a qualitative case study approach focusing on three central banks—JPMorgan Chase & Co., HSBC Holdings plc, and the Industrial and Commercial Bank of China—highlighting how each bank utilises big data techniques to address specific security challenges, comply with regulations, and enhance customer trust. The findings underscore the crucial role of innovative data management strategies in mitigating risks and safeguarding data against cyber threats, suggesting that these technologies fulfil security needs and offer competitive advantages in customer trust and regulatory compliance. The paper concludes with strategic recommendations for banks to enhance their data security measures and suggests directions for future research in data security within the banking industry.