In the financial sector, big data has the potential to accelerate the transformation of finance and business by providing innovative business models, effective risk management and visualization tools. However, the analysis, security and management of big data pose significant challenges (Sun et al., 2019).

The management of large amounts of data has become a very important issue in today's business and technology world. Such processes are repeated millions of times daily, and the financial sector in particular plays a critical role in the management of this data flow. Hundreds of millions of transactions are carried out in the financial sector every day, and this creates significant challenges in the way data is processed and analyzed. Experts state that this situation poses a major obstacle to the effective management of various financial services and products (Reddy and Reddy, 2023).

Big data stands out as a paradigm that shows its impact in almost every sector today. Financial big data (FBV) has become one of the most promising areas in terms of management in the financial sector. It leads to radical changes in the business models of financial institutions and accelerates sectoral transformation. Many researchers state that we have not yet fully understood the transformation potential of big data in finance and general business processes. In this context, a new field of research that addresses quantitative models and econometric approaches used for financial studies is developing to fill the gap between data science and empirical finance. In this rapidly growing field, experts and researchers can develop innovative financial business models using big data methods, offer advanced techniques for risk management with machine learning tools, design visualization tools to analyze financial markets, create new financial sentiment indexes by extracting public sentiment from large-scale textual data obtained from social media and similar platforms, and integrate information-based technologies in creative ways. (Sun et al., 2019). Sectors such as insurance and finance have been directly affected by the effects of big data. The far-reaching effects of big data on the economy make it important to investigate and examine the consequences of this phenomenon. Most studies in this field aim to reveal the current status of big data in the financial sector and explain the effects and connections of these data in sub-fields such as financial markets, financial institutions, online financial services, financial management, online lenders, fraud detection, risk analysis and financial application management (Reddy and Reddy, 2023).