Element 10 10.2.3 Big Data in Banking Quiz

What is the primary driver of the explosion in global payments?

• Social media

• Ecommerce and mobile payments

• Television adverts

• Traditional banking

Which type of data does Big Data help make sense of in banking?

• Only structured data

• Only unstructured data

• Both structured and unstructured data

• Only transaction details

What is a major challenge related to the veracity of Big Data in banking?

• High speed data processing

• Data storage capacity

• Receiving accurate information

• Data visualisation

What is meant by the 'velocity' of Big Data?

• The variety of data sources

• The speed at which data is processed

• The accuracy of data

• The amount of data

Which of the following is an example of unstructured data in banking?

• Customer names

• Transaction amounts

• Social media comments

• Account numbers

What does 'volume' refer to in the context of Big Data?

• The speed of data processing

• The accuracy of data

• The amount of data

• The variety of data sources

Which characteristic of Big Data is concerned with different types of data sources?

• Volume

• Variety

• Velocity

• Veracity

What is a potential source of Big Data in banking?

• Credit scores

• Weather reports

• Movie ratings

How does Big Data help in managing financial risk of a customer?

• By increasing transaction speed

• By providing accurate information

• By reducing data volume

• By limiting data sources

What is 'structured data'?

• Data that follows a specific format

• Randomly collected data

• Data from social media

• Inaccurate data