Topic 17: Data in banking Flashcards
What are the 4 Vs relating to Big Data?
1) Volume - scale of data
2) Velocity - frequency at which data is generated, captured and shared
3) Variety - different forms of data originating from multiple sources
4) Veracity - uncertainty of the data
What is structured vs. unstructured data?
Structured: high level of organisation, e.g. easily searchable in a relational database
Unstructured: can be generated by machines or humans - from satellite images to social media/mobile data
What is the difference between single tenant and multi-tenant hosted services?
Single-tenant services do not involve the sharing of data or software; multi-tenant services use a single instance of software and infrastructure to serve the needs of multiple customers. Each user shares the application that is supported by a single database.
What are the major benefits of the Cloud to banks and non-bank finance providers?
- Speed to market and reduced barriers to entry as the finance provider is paying for a technology service (based on use) rather than buying an application
- Access to the latest technology
Which new type of payment service provider (PSP) was introduced by PSD2?
Third-party provider (TPP) - permitted to initiate payments and access bank–customer payment and account data, as well as provide account information services across multiple user accounts through these access provisions. Open APIs are used to enable such access.
