Introduction to Big Data
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Introduction to Big Data

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@SimplifiedPorcupine

Questions and Answers

What is the primary characteristic of big data?

Large amounts of data or complex data that traditional data-processing application software cannot handle

What percentage of the world's data was generated in the last two years?

90%

What are the four pillars of big data often referred to as?

The 4 Vs of Big Data

What is the purpose of the PSD2 (Open Banking) regulatory framework?

<p>To allow customers to own their banking and financial data and apply GDPR principles to it</p> Signup and view all the answers

What are financial institutions required to do under the AMLD (Anti-Money Laundering Directive)?

<p>Perform KYCs and CTFs, and monitor for any illicit financial activities</p> Signup and view all the answers

What is the effect of PSD2 (Open Banking) on incumbent financial institutions?

<p>Incumbent financial institutions no longer have the monopoly on banking</p> Signup and view all the answers

What is the primary goal of analysts and data scientists in the Big Data system?

<p>To extract knowledge and insights for decision making using various data science techniques.</p> Signup and view all the answers

What is the significance of reaching criticality in data quantity and diversity?

<p>It can be used to train Artificial Intelligence models.</p> Signup and view all the answers

What is the importance of securing the data in the Big Data system?

<p>It is essential to prevent unauthorized access and ensure the protection of sensitive data.</p> Signup and view all the answers

What is the role of monitoring the data in the Big Data system?

<p>It is necessary to track the data and ensure its integrity and accuracy.</p> Signup and view all the answers

What is the significance of data processing in the Big Data system?

<p>It is necessary to transform the data into a usable format for analysis.</p> Signup and view all the answers

What is the importance of identifying the business problem or use case in setting up a Big Data system?

<p>It is essential to define the problem or use case to determine the data sources and ensure the data is relevant and useful.</p> Signup and view all the answers

What is the purpose of securing the data in a Big Data system?

<p>To ensure that only authorized users can access the data and that the data is protected from unauthorized access, theft, or loss.</p> Signup and view all the answers

Why is it important to monitor the data in a Big Data system?

<p>To ensure that everything is working correctly and to detect and respond to any issues that arise.</p> Signup and view all the answers

What is the role of indexing in a Big Data system?

<p>For quick access to the data.</p> Signup and view all the answers

How does data protection impact the development of AI and ML algorithms in a Big Data system?

<p>It ensures that the data used to train ML/AI algorithms is secure and protected from unauthorized access, theft, or loss.</p> Signup and view all the answers

What is the importance of compliance in a Big Data system, particularly in Fintech?

<p>It ensures that the system meets the necessary regulatory requirements, reducing the risk of fines and reputational damage.</p> Signup and view all the answers

How does the EU's GDPR regulation impact the development of Big Data systems?

<p>It imposes strict regulations on data protection and security, with fines for non-compliance.</p> Signup and view all the answers

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