Can machine learning be useful for banks ?

There are several definitions of Big Data. Half a century after the computers entered mainstream society, the data has begun to accumulate to the point where something new and special is taking place.

With vast amounts of data available now, companies in almost every industry are focused on exploiting data for a competitive advantage.

The number of internet sites has been estimated to more than 1 billion with a yearly growth of 5,1% (estimation done by Netcraft).

The volume and variety of data have far outstripped the capacity of manual analysis and the capacities of one computer.

The world is awash with more information which is growing faster and faster. So is born the term “Big Data”.

Big data refers not only to a high volume of data but also to new processing technologies, like data science and data mining. At a high level, “data science” is defined as a set of fundamental principles that guide the extraction of knowledge from data. “Data mining” is defined as the extraction of knowledge from data, via technologies that incorporate these principles.