28.3.4. Big Data Analytics

Try these first

1. 1.

   What is Big Data Analytics?

   Hint

   Think about what 'big data' means.

2. 2.

   How does Big Data improve risk assessment?

   Hint

   Consider why companies would want to predict risks.

3. 3.

   What is a primary use of Big Data Analytics in finance?

   • Improving user interface
   • Enhancing risk assessment
   • Reducing operational costs

   Hint

   Think about how companies mitigate risks.

4. 4.

   True or False: Big Data Analytics is only useful for large financial institutions.

   • True
   • False

   Hint

   Consider the versatility of data analysis.

5. 5.

   Given a dataset of customer transactions, outline a strategy to identify spending trends and risks associated with top spenders.

   Hint

   Think about how customer behaviors can indicate financial risks.

6. 6.

   Develop a plan to implement Big Data Analytics in a mid-sized financial institution aiming to enhance customer engagement.

   Hint

   Consider the steps from technology to team training.