Predictive analytics is being more commonly used in many areas to assist in maki
ID: 328182 • Letter: P
Question
Predictive analytics is being more commonly used in many areas to assist in making rapid decisions, especially within a banking environment. What are the impacts of relying on this type of technology? What things could be missing by allowing this technology to control decisions?When looking at e-commerce and the effect mobile communication has had on advertising, where have you seen advertising appear that surprises you? Is the usage of commercial advertising increasing or decreasing due to the broader implementation of mobile technology?
The method in which businesses interact with one another has changed drastically since the implementation of business to business payment systems. What considerations need to be taken when a business is going to choose a payment platform? When looking at security considerations, what is a key area assure is in place and why?
When examining the options for Internet providers in your area, how many providers do you have to choose from? What are the limitations for Internet access? Does the provider offer a modem or is one required to be purchase
Predictive analytics is being more commonly used in many areas to assist in making rapid decisions, especially within a banking environment. What are the impacts of relying on this type of technology? What things could be missing by allowing this technology to control decisions?
When looking at e-commerce and the effect mobile communication has had on advertising, where have you seen advertising appear that surprises you? Is the usage of commercial advertising increasing or decreasing due to the broader implementation of mobile technology?
The method in which businesses interact with one another has changed drastically since the implementation of business to business payment systems. What considerations need to be taken when a business is going to choose a payment platform? When looking at security considerations, what is a key area assure is in place and why?
When examining the options for Internet providers in your area, how many providers do you have to choose from? What are the limitations for Internet access? Does the provider offer a modem or is one required to be purchase
Predictive analytics is being more commonly used in many areas to assist in making rapid decisions, especially within a banking environment. What are the impacts of relying on this type of technology? What things could be missing by allowing this technology to control decisions?
When looking at e-commerce and the effect mobile communication has had on advertising, where have you seen advertising appear that surprises you? Is the usage of commercial advertising increasing or decreasing due to the broader implementation of mobile technology?
The method in which businesses interact with one another has changed drastically since the implementation of business to business payment systems. What considerations need to be taken when a business is going to choose a payment platform? When looking at security considerations, what is a key area assure is in place and why?
When examining the options for Internet providers in your area, how many providers do you have to choose from? What are the limitations for Internet access? Does the provider offer a modem or is one required to be purchase The method in which businesses interact with one another has changed drastically since the implementation of business to business payment systems. What considerations need to be taken when a business is going to choose a payment platform? When looking at security considerations, what is a key area assure is in place and why?
When examining the options for Internet providers in your area, how many providers do you have to choose from? What are the limitations for Internet access? Does the provider offer a modem or is one required to be purchase
Explanation / Answer
First Answer
Predictive Analytics is a data driven approach which facilitates better decision making for current and future activities based on historical data. A lot of statistical and machine learning techniques assist in arriving at the right decision. The impact on banking sector:
Based on customer activity, this helps in optimizing the targeting efforts made towards them. For example the efforts made towards a loyal customer and a customer who is likely to leave would be different. Subsequently it also helps to identify that who are the potential customers who would be willing to avail our services and based on that acquisition efforts can be done. Further a customer's buying habits and account activity can also be used to predict the kind of offers and promotions that he/she might be interested in. Below are few of the major impacts:
With the ever increasing shift towards technology, the frauds in banking sectors have also become an area of big concern. Predictive analytics help is arriving at such issues by working on huge chunks of data to identify anomalies and subsequently prevent these frauds.
?Predictive analytics also help is arriving at liquidity requirement decisions based on the inflow and outflow patterns at banks and ATMs. Future liquidity requirement of customers and otherwise can easily be estimated based on this.
Disadvantage of using Predictive Analytics
Predictive algorithm fails to take into account the human aspects i.e. change is customer behavior, market shift, technology change and other key decision affecting aspects. Hence, controlling decisions using Predictive Analytics could prove myopic and a more holistic view is needed to make proper decisions.
Second Answer
The substantial increase in the use of smart phones has resulted in the rapid growth of mobile advertising. Today the advertising is not just confined to banner ads on applications, SMS/email promotions and QR codes. The most surprising and engaging form of mobile advertising in recent times is undoubtedly the usage of Augmented Reality and Virtual Reality to give the mobile users a virtual experience of a product or a service.
Third Answer
The prime considerations are:
Fourth Answer
Generally 2 or 3 providers.
Limitations:
Well regarding the modem, the provider offers a free modem if a minimum plan of atleast 6 months and above is taken. Otherwise for shorter spans, one has to purchase a modem.