BIG DATA IN TODAY'S ERA
BANKING FINANCE|August 2022
The year 2021 was out of the ordinary as global businesses struggled to keep afloat amid the pandemic. This unusual situation accelerated digitization globally, which led to a surge in "digital data."
Navita Sharma
BIG DATA IN TODAY'S ERA

As human interaction with technology grows by the day, the amount of data that is generated on a routine basis is immeasurable. This data is found in the raw form and is of immense value to business and research. Over the past decade, business intelligence has been revolutionized. Data exploded and became big. Today, its importance to the world of business and commerce is well established, and there are many routes, including online courses and on-the-job trainings also.

In this field, we see fast evolutions and new advances, especially in artificial intelligence and machine learning. Big data refers to any large and complex collection of data.

What is big data?

Data is so important these days. Big Data is a collection of data that is huge in volume, yet growing exponentially with time. Data is so large in size and complexity that none of the traditional data management tools can store it or process it efficiently. As the name suggests, big data simply refers to extremely large data sets. This size, combined with the complexity and evolving nature of these data sets, has enabled them to surpass the capabilities of traditional data management tools. This way, data warehouses and data lakes have emerged as the go-to solutions to handle big data, far surpassing the power of traditional databases.

Some data sets that we can consider truly big data include:

Stock market data

Social media

Sporting events and games

Scientific and research data

History of Big Data

Big data refers to data that is so large, fast or complex that it's difficult or impossible to process using traditional methods.

Bu hikaye BANKING FINANCE dergisinin August 2022 sayısından alınmıştır.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

Bu hikaye BANKING FINANCE dergisinin August 2022 sayısından alınmıştır.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

BANKING FINANCE DERGISINDEN DAHA FAZLA HIKAYETümünü görüntüle
'Deep Fake' - an emerging risk for Banking & Financial Sector
BANKING FINANCE

'Deep Fake' - an emerging risk for Banking & Financial Sector

Deepfake KYC fraud is a growing concern in India, where fraudsters leverage AI-generated deepfake videos and images to bypass Know-Your-Customer (KYC) verification processes. This has significant implications for financial institutions, fintech companies, and other organizations that rely on KYC to verify the identity of their customers.

time-read
1 min  |
December 2024
RBI CIRCULAR
BANKING FINANCE

RBI CIRCULAR

Operational framework for reclassification of Foreign Portfolio Investment to Foreign Direct Investment (FDI) - November 11, 2024

time-read
4 dak  |
December 2024
India's Fiscal Discipline: A Path to Economic Stability and Growth
BANKING FINANCE

India's Fiscal Discipline: A Path to Economic Stability and Growth

In a significant economic development, the fiscal deficit for the financial year 2023-2024 (FY24) has been recorded at 5.6% of GDP, falling below the government's revised estimate. This unexpected positive outcome highlights effective fiscal management and a recovering economy, offering a ray of optimism amidst global economic uncertainties.

time-read
6 dak  |
December 2024
Augmenting Productivity by Embracing Employee Engagement
BANKING FINANCE

Augmenting Productivity by Embracing Employee Engagement

As the world's largest coffeehouse chain, Starbucks is a brand that understands the value its employees add to the business. At Starbucks, every employee knows they are valued members of the team. It took Starbucks some time to do this. They have prioritized implementing employee-friendly rules from the beginning.

time-read
10+ dak  |
December 2024
Ethics in Artificial Intelligence: Navigating the Future Responsibly
BANKING FINANCE

Ethics in Artificial Intelligence: Navigating the Future Responsibly

Ethics in AI encompasses a wide range of issues, including fairness, accountability, transparency, and the potential for bias. At the core of these discussions lies the question: How do we ensure that AI serves humanity rather than undermines it? As AI systems increasingly influence critical areas such as healthcare, finance, and law enforcement, the stakes are high.

time-read
8 dak  |
December 2024
Digital Banking: The Need of the Hour
BANKING FINANCE

Digital Banking: The Need of the Hour

Development of an economy, especially economic growth primarily depends on industrial development. The industries depend on financial institutions support for funds especially from banks. Banks encourage individuals save and mobilise funds from bank deposits.

time-read
10+ dak  |
December 2024
Cyber Crimes in Banking: India's Battle Against the Digital Menace
BANKING FINANCE

Cyber Crimes in Banking: India's Battle Against the Digital Menace

The increasing adoption of digital banking services has transformed the way Indian consumers engage with banks. According to research from the Reserve Bank of India (RBI), the country's digital payment ecosystem expanded by approximately 55% between 2021 and 2023.

time-read
5 dak  |
December 2024
Legal News
BANKING FINANCE

Legal News

The Supreme Court (SC) ruled that clauses allowing public sector undertakings (PSUs) to unilaterally appoint arbitrators to resolve disputes with private contractors are invalid.

time-read
5 dak  |
December 2024
The Rise Of Green Marketing: Driving Sustainable Change
BANKING FINANCE

The Rise Of Green Marketing: Driving Sustainable Change

Green marketing refers to the practice of promoting products or services that are environmentally friendly or sustainable. It involves incorporating eco-friendly elements into various aspects of marketing strategies, including product development, packaging, advertising, and distribution.

time-read
9 dak  |
November 2024
ICICI Bank partners with PhonePe to offer instant credit on UPI
BANKING FINANCE

ICICI Bank partners with PhonePe to offer instant credit on UPI

ICICI Bank announced that it has partnered with PhonePe to offer instant credit on UPI to its pre-approved customers on the app of the digital payments company.

time-read
1 min  |
November 2024