From the course: Foundations of Business Banking

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Big data

Big data

From the course: Foundations of Business Banking

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Big data

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- Analysis of big data can help financial institutions identify patterns, trends, and relationships in large, often unstructured databases in businesses and in society as a whole. Okay, so what is big data? In seeing descriptions of big data, you often see a discussion of the three Vs: volume, velocity and variety. First, volume. The sheer amount of data potentially available to decision makers is overwhelming. A danger with big data is that this volume threatens to overwhelm the finite human brain. Next, velocity. The push these days is for real time access to and analysis of vast amounts of data. This requires large computing capacity. And finally, variety. I think of data in terms of nice tidy rows and columns in an Excel spreadsheet. Well, a good big data system needs to be able to handle data in a variety of formats: tweets, YouTube videos, text files and emails, and social media posts. So how can financial…

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