Page 39 - Banking Finance November 2024

ARTICLE

Big Data in Banking:

Analysing its Role,

Advantages and

Challenges Chief Manager (Faculty)
Ujjwal Kant

Union Learning Academy,
People Excellence
Union Bank Of India
Bengaluru

Globally Inflation started rising post April 2021 and went above the target range set by most of
the Central Banks. It had remained low and dormant for a substantial duration since the global
financial crisis. CPI inflation in developed countries such as US, UK and Euro zone, began to exceed
their traditional target of 2% and continue to stay at these elevated levels till recent time.

Introduction to Big Data software. Big data analysis challenges include capturing
Data is an important resource. However, if you do not data, data storage, data analysis, search, sharing,
transfer, search and updating. Big data usually includes
have the right means to process it, then there is not much
that you can benefit from regarding its value. Nowadays data sets with sizes beyond the ability of commonly used
every organisation today including Banking is data driven, software tools to capture, curate manage and process data
within a tolerable elapsed time.
because in order to make effective decisions data
analytics and insights are essential. Big data primarily
refers to the data sets that are too large or complex to Characteristics of Big Data
be dealt with by complex data processing complex Big data can be described by the following
characteristics:
Volume: This is the amount of data that is produced
or received by the company in a day. It refers to the
quantity of generated and stored data. The size of
the data determines the volume and potential insight,
and whether it can be considered big data or not.
The size of the data is usually in terabytes and
petabytes. This can also present a big challenge
because it would take an unreasonable amount of
time to analyse the data if it is done manually.
Variety: Earlier the existing technologies were

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