Banking 5.0: Leveraging Big Data for a Competitive Edge in the Banking Sector Amidst Challenges—An Empirical Study

The transformation of human intelligence into artificial intelligence plays an important role in the banking era. Big Data Analytics (BDA) is one such phase that has equipped the developing nations’ banking industry to match the standards of the developed nations. The gaining importance of financial inclusion in India has paved the way for big data implementation in the banking industry. The current study aims to understand the application of Big Data Analytics (BDA) among the selective banks in Bengaluru City and to assess the pros and cons of implementing the BDA among the selected banks. The present study is descriptive and the primary data is collected using a simple random sampling method. The data was collected from fifty bank employees working in selected banks across Bengaluru City. The result showed that the variables viz., security, risk management, fraud detection, real-time decision-making, improving customer experience and operational efficiency had a significant negative to a positive correlation. Overall, the findings of the study would enhance strategic decision-making by the Government, the regulatory bodies, and the banking management towards the implementation of big data analytics in the banking sector.