Business Analytics for Effective Decision Making

Author(s): Sumi K. V. * .

DOI: 10.2174/9789815238365124010007

Relevance of Big Data Analytics in the Banking Sector

Pp: 50-58 (9)

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Abstract

SHS investigation development is considered from the geographical and historical viewpoint. 3 stages are described. Within Stage 1 the work was carried out in the Department of the Institute of Chemical Physics in Chernogolovka where the scientific discovery had been made. At Stage 2 the interest to SHS arose in different cities and towns of the former USSR. Within Stage 3 SHS entered the international scene. Now SHS processes and products are being studied in more than 50 countries.

Abstract

As the need for real-time data availability and reporting capabilities grew over the following several decades, increasingly sophisticated database standards and applications were created. These developments have recently started to accelerate due to the rising use of advanced analytics and data visualisation in recent years. The process of extracting hidden insights from vast amounts of organised and unstructured data known as data science now makes use of highly developed technology such as data mining, machine learning, and advanced analytics. Big data is no exception to the banking industry's history of being an early user of new technologies. Big Data is a term used to describe an expanding body of data that is both structured and unstructured and is present in a variety of formats. Volume, velocity, variety, value, and truthfulness are this technology's key characteristics.

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