Big Data
Use cases for big data: Financial services ..
Problem: Manage the numerous petabytes of data that are expanding at a rate of
40–100% annually under mounting demand to stop fraud and regulatory
complaints.
How big data analytics can be of assistance
detection of fraud
Credit creation
management of risk
360-degree picture of the client
Financial marketplace example: Visa
Problem: The annual cost of credit card fraud ranges from 7 cents per $100 to
billions of dollars.
Fraudulent schemes are always evolving.
The fraud pattern can only be partially understood months after the fact, hence
fraud detection models need to advance more quickly.
Invent new ways to identify fraud trends, if Visa could.
Identify and eliminate new fraud trends before they cause large losses.
Improve detection speed as a solution.
Visa imported 36 TB of data from 73 billion transactions across two years of test
records into Hadoop. Their processing time decreased from a month using
conventional techniques to just 13 minutes.
The phrase "Data is the new oil" was initially used about 15 years ago by Clive
Humby, the creator of Clubcard, the world's first supermarket loyalty programme.
Data is the new oil, according to (Source:
https://medium.com/@adeolaadesina/2947ed8804f6)
Data, like oil, is a resource that is useless if left "unrefined," according to the
metaphor. Data only has amazing value when it is mined and evaluated. In a 2011
Use cases for big data: Financial services ..
Problem: Manage the numerous petabytes of data that are expanding at a rate of
40–100% annually under mounting demand to stop fraud and regulatory
complaints.
How big data analytics can be of assistance
detection of fraud
Credit creation
management of risk
360-degree picture of the client
Financial marketplace example: Visa
Problem: The annual cost of credit card fraud ranges from 7 cents per $100 to
billions of dollars.
Fraudulent schemes are always evolving.
The fraud pattern can only be partially understood months after the fact, hence
fraud detection models need to advance more quickly.
Invent new ways to identify fraud trends, if Visa could.
Identify and eliminate new fraud trends before they cause large losses.
Improve detection speed as a solution.
Visa imported 36 TB of data from 73 billion transactions across two years of test
records into Hadoop. Their processing time decreased from a month using
conventional techniques to just 13 minutes.
The phrase "Data is the new oil" was initially used about 15 years ago by Clive
Humby, the creator of Clubcard, the world's first supermarket loyalty programme.
Data is the new oil, according to (Source:
https://medium.com/@adeolaadesina/2947ed8804f6)
Data, like oil, is a resource that is useless if left "unrefined," according to the
metaphor. Data only has amazing value when it is mined and evaluated. In a 2011
