Big data in the financial market: understand the opportunities and challenges

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Big Data in the financial market is more than a simple idea: it is a reality. It involves data analysis, metrics, software and a series of mechanisms that belong to its universe and that, in recent decades, have been mixed with financial practices, bringing more responsiveness and helping with decision-making.

However, even though it is nothing new to the business world, many kuwait phone number list may not understand its scale. According to IBM, 4.5 quintillion bytes are produced every day . So much data could not exist if there were no such thing as Big Data.

Considering its importance, in this text, we will talk about the influence that this tool has on the business world. Check it out!

How does Big Data work in the financial sector?
The focus of Big Data is to process a high volume of data in an efficient and segmented manner. To this end, five processes have been defined that serve as a guide for information analysis. They are:

volume: is related to the amount of data generated in the digital environment daily. Big Data is capable of processing large volumes of information;
speed: corresponds to the time it takes for data to be generated and collected. Big Data technology is capable of analyzing data as soon as it is created, without the need for storage;
variety: corresponds to the diversification of data produced. Big Data is capable of managing structured or unstructured information without the need to separate it;
veracity: much of the data generated is not valid for the company, that is, it may represent irrelevant information. Big Data helps to analyze which data is irrelevant;
value: the information evaluated and structured must have a value for the company. Big Data technology helps the company to evaluate which data is useful.