How big data is delivering benefits in the baking world

LINK :https://www.bernardmarr.com/default.asp?contentID=689


How Citi Bank uses Big Data in practice
Once a potential use for Big Data and analytics is identified, Citigroup carefully assesses that opportunity in terms of benefits and cost. As Michael Simone, managing director of data platform engineering at Citigroup, told me, “There are a variety of factors that are taken into consideration, which is why not all of them make it through the gate. Sometimes after going through all of the paper exercises of understanding it, we may realise that there are other ways to accomplish this and moving to Big Data just because it is Big Data may not be the right fit.”
One area of Citi’s operations where Big Data analytics has been implemented successfully is in customer retention and acquisition. This involves analysing data and targeting promotional spending using machine learning algorithms. Another is to scan transactional records to spot anomalies, which in the case of Citi’s customers, can mean incorrect, unusual or fraudulent charges. The costs resulting from these anomalies are far easier to manage if the problem is spotted quickly – or even before it happens, through predictive modelling.
 As the foundation for its Big Data strategy, Citi has invested in its own integrated Big Data platform architecture, which Simone refers to as its Virtual Enterprise Data Lake. The platform is primarily built on Hadoop, and datasets are sourced from different applications that ingest multi-structured data streams from transactional stores, customer feedback, and business process data sources.

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