Introduction to Big Data

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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?

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

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

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

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

Incumbent financial institutions no longer have the monopoly on banking Signup and view all the answers

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

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

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

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

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

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

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

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

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

It is necessary to transform the data into a usable format for analysis. 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?

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

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

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

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

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

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

For quick access to the data. Signup and view all the answers

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

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

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

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

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

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

Introduction to Big Data

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