The force awakens: Big Data in banking

Advances in big data mining could open up whole new frontiers in financial services, says Standard Chartered’s global chief innovation officer, Anju PatwardhanDigital data has snowballed, with the proliferation of the internet, smartphones and other devices. Companies and governments alike recognise the massive potential in using this information – also known as Big Data – to drive real value for customers, and improve efficiency.Big Data could transform businesses and economies, but the real game changer is data science.Data science goes beyond traditional statistics to extract actionable insights from information – not just the sort of information you might find in a spreadsheet, but everything from emails and phone calls to text, images, video, social media data streaming, internet searches, GPS locations and computer logs.With powerful new techniques, including complex machine-learning…

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