Introduction It is a known fact that the banking industry plays a huge role in today’s society, the industry has grown rapidly of many decades and still growing. The banking sector is that sector of the society that is actually responsible for the handling of financial assets for other sector of the economy, they do this by investing the financial assets in order to create more wealth in the society while regulating all the activities involved in the process. (What is the banking Sector 2015) The core operation of the baking sector is to hold financial assets for its various clients with the firm assurance that the assets can be withdrawn at any time when the need arises but the operation of the banking sector has gone way beyond just holding …show more content…
Banks generally us e such information to promote and learn better ways to go about providing their services, with this knowledge banks can deliver top quality service to their customers which can be said to be bespoke to each bank. To be able to get and work with this kinds of information will not be that easy but big data definitely provides banks with this opportunity to operate more profitably (Martin 2015). Adopting big data can also help the banking industry by saving them from lots of embarrassment resulting from increase in the number of customer which in turn requires banks to improve on their performance. As stated earlier banks are entrusted with lots of information and this information must be safe will be required to be accessed ready and in a timely fashion. The use a normal small database will not be enough to perform this operation and if banks don’t embrace the use of big data they might start to experience failure in there system. Another way in which big data affect the banking sector is in the area of timing the use of big data help banks to carry out their operation in time without any
According to Lisa Arthur, big data is as powerful as a tsunami, but it’s a deluge that can be controlled. In a positive way it provides business insights and value. Big data is data that exceeds the processing capacity of conventional database systems. It is a collection of data from traditional and digital sources inside and outside a company that represents a source of ongoing discovery and analysis. The data is too big, moves to fast, or doesn’t fit the structures of the database architecture. Daily, we create 2.5 quintillion bytes of data. In the last couple years we have created 90% of data we have in the world. This data comes from many places like climate information, social media sites, pictures or videos, purchase transaction records, cell phone GPS signals, and many more places. From the beginning of recorded time through 2003 users created 5 billion gigabytes of data. 2011, the same amount was created every couple days. 2013, we created that same amount every ten minutes. Some users prefer to constrain big data into digital inputs like web behavior and social network interactions. The data doesn’t exclude traditional data that is from product transaction information, financial records and interaction channels.
Big Data is a concept that has existed for a while, but only gained proper attention a couple of years ago. It can be described as extremely large data sets that have grown so big that becomes almost impossible to manage and analyze them with traditional data processing tools. Big Data can be used by enterprises in by building new applications, improving the effectiveness, lowering the costs of their applications, helping with competitive advantage, and increasing customer loyalty. It can also be used in other industries to enable a better system and better decision-making. Big Data has become a valuable asset to everyone around the world and continues to impact society today.
After understanding the possible outcomes and usages of Big Data Mining and Analytics, the study of the process is necessary to identify the real possibilities behind this techniques and how this can improve a business performance. To do this; we should comprehend the basics about data mining and the process that leads from pure data to insights.
Big data helps you understand how people perceive your products; with data that is received with every purchase, you will be able to know how your products are received in the market.
If auditors can look at a complete population, they may not have a great defense if they missed a “smoking gun” since they looked at all the data (Alles and Glen). However, this data may not be valid which raises the importance of the auditor understanding where the data came from and how reliable it is. Not only this, it will be interesting to see how standards consider big data evidence. While it most likely will not be as reliable as confirmations, it would be a challenge to figure out how much the auditors could rely on it. Furthermore, higher education would most likely play a role in helping their graduates understand data and how to use technology to be not only more efficient but also ensure they are able to use sound professional judgement while using big data.
In today’s society, technology has become more advanced than the human’s mind. Companies want to make sure that their information systems stay up-to-date with the rapidly growing technology. It is very important to senior-level executives and board of directions of companies that their systems can produce the right and best information for their company to result in a greater outcome and new organizational capabilities. Big data and data analytics are one of those important factors that contribute to a successful company and their updated software and information systems.
Big Data is a term used to refer to extremely large and complex data sets that have grown beyond the ability to manage and analyse them with traditional data processing tools. However, Big Data contains a lot of valuable information which if extracted successfully, it will help a lot for business, scientific research, to predict the upcoming epidemic and even determining traffic conditions in real time. Therefore, these data must be collected, organized, storage, search, sharing in a different way than usual. In this article, invite you and learn about Big Data, methods people use to exploit it and how it helps our life.
Currently, businesses want to use the information effectively for competitive advantage to make better decisions that improve and optimize business processes, predict the market dynamics accurately, optimize forecasts to adequately maintain resources to name a few reasons.
What is Big Data? Big data is a large stream of structured, semi-structured and unstructured data that has unique characteristics. These characteristics are collectively called the 5V’s (Keith 13). The first V stands for volume in reference to the large set of data generated. The second V is for velocity signifying the speed at which new data is generated. The third V is for a variety, which signifies that data can come in any form and from various sources. The fourth V is the veracity is in reference to the uncertainty of the data. The last V is for a value of the data. The data has a perceived value for the organization using it.
Effectively, big data provides the companies with the opportunity to know and understand their customers. With Big Data, a company holds a lot of information about their customers, such as their habits, what is the product they prefer, the time they make purchases, how many products they buy and what kind of promotion their prefer. Then they can make a relation with who the person is, age, gender. Thus they can adapt their offer to the customer. If you are a good client, you can have private discount, or more discount. The objective is to know personally your customer to make them feeling unique.
Big data is a concept that has been misunderstood therefore I will be writing this paper with the intentions of thoroughly discussing this technological concept and all its dimensions with regard to what constitutes big data and how the term came about. The rapid innovations in Information Technology have brought about the realisation of big data. The concept of big data is complex and has different connotations but I intend to clarify its functions. Big data refers to the concept of a collection of large and complex amounts of data that are found extremely difficult to notate or even process by most on-hand devices and database technologies.
Databases are becoming as common in the workplace as the stapler. Businesses use databases to keep track of payroll, vacations, inventory, and a multitude of other taske of which are to vast to mention here. Basically businesses use databases anytime a large amount of data must be stored in such a manor that it can easily be searched, categorized and recalled in different means that can be easily read and understood by the end user. Databases are used extensively where I work. In fact, since Hyperion Solutions is a database and financial intelligence software developing company we produce one. To keep the material within scope I shall narrow the use of databases down to what we use just in the Orlando office of Hyperion Solutions alone.
The study is primarily designed to find out the continuous issue of the banking system in
Banks sector is playing an important role in economies. The banking industry, as the classic and the most influential of financial intermediaries, facilitates economic operations. Financial sector in the worldwide country has been changes over these years by looking the changes of financial structure environment and economic conditions. Thus, banks are a very important point to financial system and play an important role as control and contribute growth to the economic sector.