Page 40 - Banking Finance November 2024

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capable of handling structured data efficiently and information. Some of the examples of this would
effectively. However, with the change in the type and include documents, emails, social media posts, videos
nature from structured to semi structure or and photos.
unstructured challenged the existing tools and
c. Semi structured Data: It is a type of data that will
technologies. Data can come from various formats not fit into relational databases or data tables, but
and sources.
it will contain some attributes and lags. It is often
Velocity: The big data has to be available as close called as self-describing data
to real-time as possible. The faster that the right
people can get to the data, the better advantage they
will have to make good decisions for the business.
The speed at which data is generated and processed
to meet the demands and challenges that lie in the
path of the growth and development. The information
that one's collects even an hour ago could end up
losing its relevance by the time one can do anything
with it. Big data is available in real time as compared
to small data and it becomes very difficult to process
the Big Data. Advantages of Big Data in Banking

Value: Value refers to the profitability of information Big data can provide an organisation with valuable data
that is retrieved from the analysis of Big Data. that they can use for risk analysis. With the help of the
Big Data, organisations can create demand forecasts and
supply planning in anticipation and mitigating any
variance to resource availability. It plays a very important
role in any organisation in improving the operational
efficiency. Organisations can collect data and can create
model that they can use to improve the efficiency of the
organisation if the information is used properly.

Big data can help the organisation for better revenue
opportunities and whether they are good ideas or not.
With an organisation that is trying to grow it can be a
big deal. It will help them in improving how efficiently
Types of Data they can do the research and development which helps

There are three main types of data them in choosing the right products that helps them to
a. Structured Data: It has a predetermined format and get the best results with their customers. Further Big data
length, the pieces of information that come with the can help the organisation to improve their customer
structured data are the ones that can be sorted, service.
grouped and organised quickly. A good example of Management of Risk efficiently to prevent frauds
this is what you can find when looking at databases and risks
like Access and AQL With the help of Big Data analytics Banks can analyse

b. Unstructured Data: It is a type of data which does market trends and decide whether they should lower
not have a predetermined format. It is very hard for or increase the interest rate. With fraud detection
an organisation to be efficient when going through the algorithms, banks can easily identify customers who

36 | 2024 | NOVEMBER | BANKING FINANCE