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Hadoop is the new thing. Err…. You already know it? Okay, But do you know that State bank of India has also started using it?
Yes. It’s the new entrance in the list of governmental departments who have assimilated the technology.
State Bank of India (SBI) wanted to solve key issues related to borrowers and predicting defaults. For which it is working on a project to take advantage of big data.
As countries largest repository of financial information, SBI is looking at how Hadoop can be used for analysis of this large pool of seemingly unstructured data, can help understand how standard borrowers could turn into defaulters willingly.
The analytical tool would study trends coming from cash flows of customers and other financial information.
Between 2011and 2013, SBI identified about 660 wilful defaulters with loans aggregating to Rs.5,700 crore. The securities and exchange board of India (Sebi) is going to release some guidelines on wilful defaulters soon. Finance ministry also seeks list of wilful defaulters.
This is where data analytics is of help." To help the bank in analysis of numbers and trends, SBI has hired a whole team of statisticians and economists. The bank currently has data that is compressed into 170 terabytes and daily transaction data of approximately 4TB is added. Insiders believe that the bank's storage requirement would run into petabytes (one petabyte is equal to a thousand terabytes). With over 20 crore savings accounts already opened, and many more to be open in next one year, makes SBI group, bank with the largest customer base .
SBI is also taking help of information technology to develop an automated system that would minimise the cost of zero-balance saving accounts.
Such a large pool of informative data, needs to be analysed to work out further strategies. The customer information is now being mined using various analytical tools. It use different products for data mining, predictive modelling, social media analytics, and big data analytics to generate and provide the best actionable insights.
Similar tools are being used by social media companies which have even bigger databases. In fact, SBI has deployed software tools such as Hadoop to help analyse unstructured databases, obtained from social media pertaining to the bank.
These are 'listening' tools which are being used to generate social media analytics, including the customer sentiment. At the branch level, analytics helps employees get one view of the customers and upsell and cross-sell products.
You know, Hadoop is being used in almost every field and departments where there is a large amount of data, to rule out various results. Automotive, Transportation, and Logistics, Defence, Intelligence and Security, Electronics, Energy and Utilities, Finance, Food and Agriculture, Government, Health Care, Pharma, and Biotechnology, Materials and Mining, Media, Advertising and Entertainment and Retail are for count.
You have this great opportunity to grow and flourish by learning the technology which is being used so widely. Don’t miss the chance and enrol ASAP.
We, at Madrid Software Training Solutions provides complete practical Big Data Hadoop Training in Delhi.
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