Page 29 - Banking Finance August 2022

ARTICLE

Amazon: is a huge e-commerce website dealing with lots Forecast the demand for the products and many more.
of traffic daily. But, when there is a preannounced sale on
Using these kinds of data, organizations derive some
Amazon, traffic grows exponentially that crashes the
patterns and provide the best customer service.
website. So, to handle this kind of traffic and data, Amazon
Show the products that are related to the products that
uses Big Data. Big Data can help in organizing and analyzing
a customer bought.
the data for further use.
Provide secure money transitions and identify if there
Social Media are any fraudulent transactions being made.
Social media in the current scenario is considered the largest
Conclusion
data generator. The stats have shown that around 500+
terabytes of new data get generated into the databases of Big Data is a game-changer. Many organizations are using
social media every day, particularly in the case of Facebook. more analytics to drive strategic actions and offer a better
The data generated mainly consist of videos, photos, customer experience. A slight change in the efficiency or
message exchanges, etc. A single activity on any social smallest savings can lead to a huge profit, which is why most
media site generates a lot of data which is again stored and organizations are moving towards big data. Ultimately, big
gets processed whenever required. Since the data stored is data help individuals and organizations tackle enormous
in terabytes, it would take a lot of time for processing if it is data sets and extract valuable information out of them. As
done by our legacy systems. Big Data is a solution to this the importance of data grows exponentially, it will become
problem. essential components in the technological landscape.

References
Benefits of Big Data
https://businesstoys.in/blog/different-
Big Data has been popular among various organizations.
emergingtechnologies-in-data-science/
Organizations like the e-commerce industry, social media,
https://content.techgig.com/technology/these-5-
healthcare, Banking, Entertainment industries, etc., are
trendswill-redefine-data-science-for-2022-andbeyond/
widely using analytics to understand various patterns,
articleshow/87358759.cms
collecting and utilizing customer insights, fraud detection,
https://www.sas.com/en_in/insights/big-data/what-is-
monitor financial market activities, etc.
bigdata.html
https://hbr.org/2012/10/big-data-the-
Big data helps in:
managementrevolution
Collect information about the items searched by the
https://builtin.com/big-data
customer.
https://intellipaat.com/blog/tutorial/hadoop-tutorial/
Information regarding their preferences. bigdata-overview/
displaying the popular products that are being sold. https://www.educba.com/what-is-big-data-analytics/

Hotels, restaurants barred from levying service charge by default

THE CENTRAL Consumer Protection Authority (CCPA) barred hotels and restaurants from adding service charge "au-
tomatically or by default" in the food bill. It said that in case of violation, a consumer can ask the hotel/ restaurant
to remove the service charge, or seek redressal by filing a complaint.
"The guidelines issued by CCPA stipulate that hotels or restaurants shall not add service charge automatically or by
default in the food bill. No collection of service charge shall be done by any other name," the Union Ministry of
Consumer Affairs, Food and Public Distribution said in a statement.
"No hotel or restaurant shall force a consumer to pay service charge and shall clearly inform the consumer that
service charge is voluntary, optional and at consumer's discretion," it said.

BANKING FINANCE | AUGUST | 2022 | 29