Big Data: Challenges and Opportunities

The advancement in communications and information technology has significantly impacted the development and use of technology across economic, social, and financial sectors. Big Data, a term that emerged in the early 2000s, represents a critical asset for knowledge-based societies, marking a key stage in the evolution of information systems that contribute to sustainable development. Central banks utilize Big Data for oversight and regulation, particularly in developed economies (Doerr et al., 2021).Data processing is vital for central bank operations, driving daily functions such as money settlement and treasury fund management. While adopting Big Data presents challenges, it also offers opportunities for banks to analyze large datasets, identify risks, and take preventive measures.