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FA-173076Y-Big Data and Analytics (Incorporation of both technologies…
FA-173076Y-Big Data and Analytics
Analytics
Definition
Finding meaningful insights
Unravel hidden data
Describe customer behaviour
Predict the outcome
Types
predictive analytics
Prescriptive analytics
Descriptive analytics
Diagnostic analytics
Big Data
Definition
Additional new 2Vs
Veracity
Value
Traditional 3Vs
Velocity
Variety
Volume
Types
Structured data
Machine Generated :
Point-of-sale Data
Financial Data
Sensor Data
Human-generated
Click-stream Data
Gaming-Related Data
Input Data
Unstructured data
Human-Generated
Website Content
Mobile Data
Social Media Data
Machine Generated
Photographs and Videos
Scientific Data
Radar and Sonar Data
Semi-structured Data
Markup language XML
Open standard JSON
NoSQL
Incorporation of both technologies
How they work together
Inputs
Big Data
Structured Data
Unstructured Data
Outputs
Customer behaviour
Customer insights
Tailored products
Product/ Services provided
Singapore
DBS Bank
Auditing processes
Bank's ATM
Partnership with A*STAR's
Employee Attrition
Foreign countries
Toronto-Dominion Bank
Bank of Montreal
trends
Governance, Risk, and Compliance
Better Customer Insight and Service
Optimizing Pricing
Fraud Detection and Security
Better operational Efficiency
Impact
CITIC Bank’s credit card Business
Tianluo component
Transaction and risk preference
Behaviour information
Diwang component
Transaction data
Residence information
Collects demographics information
Limitations
Dedicated resources and tie ups
Big data is not yet viewed as a strategic asset
Legacy infrastructure needs to be upgraded
Customer concerns about privacy
Difficult to harness siloed data
Privacy and Data Security
Data Quality
Benefits
Sentiment Analytics
Enhanced Reporting
Fraud Detection and Prevention
Risk Management
Changes in Service Delivery
Customer segmentation
Examine customer feedback
Detect when a customer is about to leave
Recommmendation
Investment Strategy aid
Input
Investment portfolio
Economic News
Social Media
output
News Articles
Beneficial Advise
Benefits
Assess Risk appetite
Diversification
Provide the best return
Actions to be taken
Managing Big Data
Continuous collection of data
Comply with the regualtion
Believe in the technology