Banking / Finance

Big data: A definition and what it means for FS

Big data is here to stay, although it means various things to different people, depending upon who you ask, says bobsguide blogger (aka contributing editor) Andrew Witney, Barclays’ CIO in this second instalment of his blog. In its simplest form ‘big data’ means the mass of metadata, structured and unstructured data that is now out there thanks to social media, mobile channels, internal systems and devices connected to the ‘internet of things’; all of which can be mined to gauge customer sentiment, for valuable data, and other information via effective analytical tools. These big data tools are often aligned with the complimentary ‘big computing’ trend, which simply makes computer power cheaper and faster, enabling more accurate analysis.

As technology advances the amount of data stored about us as individuals continues to grow. With the ‘internet of things’, where devices of all types are connected to the net, finally now becoming a reality there is data available on virtually everything about us – covering what we do, where, and how we behave.

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