M. Kovacheva. Evaluation of NoSQL Databases for Digital Financial Services Implementation

Key Words: NoSQL; digitalization; Big Data; financial services.

Abstract. Digital transformation covers different processes and one of the most important industries that has been developing and becoming increasingly digitized in the last years is banking and financial services. For the banks to meet their customers’ demands, needs and expectations it is important to make changes and adapt quickly to the developing technologies. In addition to that, banks need to manage great volumes of data while making changes to their systems without causing data losses and problems for their customers. Financial services provided by banks, credit unions, accountant companies, insurance companies, investment funds, stock brokerages, etc. need databases that can adapt to the increasing need for automation for which NoSQL databases can be very useful. Non-relational databases handle big amounts of data, they are scalable and deliver better performance when processing data. This study presents specifications for NoSQL databases and evaluation approach for non-relational database for financial services.