Big Data is the term used to describe the meteoric rise in data volume, variety, and velocity that has been made possible by advances in computing technology. This increase may be thought of in terms of its volume, variety, and speed. This development is being called the rise of “Big Data.” The use of Big Data might significantly alter the way organizations are managed. Big Data has the potential to revolutionize several industries, including the financial services industry. They have access to a massive trove of transaction data that can be mined for insights about how to acquire a competitive advantage, how to better serve customers, how to analyze and reduce risk, and how to optimize processes and operations. In this article, we look at the pros and cons of using Big Data in the Banking industry.