Prospects and Risks of Development of Big Data as an Innovative Technology

Abstract

This paper examines Big Data as a key innovation of the Fourth Industrial Revolution and its impact on the banking sector. The adoption of Big Data is transforming financial services by enhancing risk assessment, fraud detection, and customer relationship management. In Moldova, banks are gradually integrating Big Data technologies to improve operational efficiency and decision-making. This study focuses on the opportunities and risks associated with Big Data implementation in banking, using SWOT-analysis to evaluate the strengths, weaknesses, opportunities, and threats of its adoption, and comparative analysis to examine how other companies in Moldova implement Big Data and how these practices can be adapted to the banking sector. As a case study, we analyze the practices of Moldova Agroindbank (MAIB)—one of the leading banks in the country—assessing its approach to data-driven financial services. Key opportunities include improved credit risk management, personalized banking solutions, and enhanced cybersecurity, while challenges involve regulatory constraints, data privacy issues, and technological limitations. The findings highlight the need for strategic investments in data analytics and regulatory adaptation to maximize the benefits of Big Data in the Moldovan banking sector. CZU: 004.657:336.71(478); JEL: M19, О31, О33, О39