Abstract: The trend toward big data (BD) in the financial technology (FinTech) sector has recently gained momentum [1]. By utilizing cloud-based services and advanced algorithms, insurers, banks, credit unions, and other players in the finance ecosystem can efficiently gather and analyze vast amounts of data. Behavioral data (Big Data) gathered through the web and mobile channels is essential to proactively assess risks and opportunities for financial institutions. Here, it is postulated that Cloud-based architecture, aided with big data analytics and AI, augments precise financial modeling in the insurance and banking ecosystems. The paper constructs a hierarchically-structured smart architecture with a four-tier cloud databank, and data mining integrated with AI. It discusses intelligent big data services and cloud-based data markets for financial modeling. The significance and pressing need for the research are highlighted.
Integrated cloud-based architecture as intelligent big data analytic services for financial modeling. New cloud-based financial big data technologies and smart buildings. Intelligent big data services for financial modeling: benefits and challenges. A cloud-based insurance ecosystem was proposed. A comparison of cloud-based insurance systems was also examined. Integrating financial modeling: Services and challenges. Intelligent performance benchmarking-architecture of competitive insurance and banking systems. Financial modeling of insurance, banks, and others. A summated proposal for the integration of AI into the systems was made. The broadest observations were also uncovered.
Keywords: Big Data, Artificial Intelligence, Financial Modeling, Cloud Computing, Predictive Analytics, Risk Assessment, Customer Segmentation, Real-Time Processing, Machine Learning, Data Lakes, Insurtech, Fintech, API Integration, Regulatory Compliance, Data Security, Scalable Infrastructure, Decision Automation, Fraud Detection, Digital Transformation, Personalized Services
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DOI:
10.17148/IJARCCE.2022.111253
