Banking · Big Data in Banking
Consider the following statements regarding Big Data and its impact on banking: Statement 1: The implementation of Big Data Analytics allows for hyper-personalized customer journeys by analyzing structured and unstructured data to predict financial needs. Statement 2: The ethical use of such data is governed by strict regulations like the GDPR in Europe and the DPDP Act in India, which mandate explicit consent and the 'Right to be Forgotten'. Statement 3: Big Data is a critical tool for Risk Management, allowing real-time detection of fraudulent patterns by comparing transactions against historical data within milliseconds. Which of the following is correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Statement 1 and Statement 2 are correct, but Statement 3 is incorrect.
- 2Statement 2 and Statement 3 are correct, but Statement 1 is incorrect.
- 3All three statements are correct and represent modern trends in data-driven banking.✓
- 4Only Statement 2 is correct due to current technical limitations in processing unstructured data.
Correct answer
All three statements are correct and represent modern trends in data-driven banking.
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