Module 11.1- Intro to Fintech Flashcards
(37 cards)
What does the term fintech refer to?
Developments in technology applied to the financial services industry
What are fintech companies typically involved in?
Developing technologies for the finance industry
Name a primary area where fintech is developing.
Increasing functionality to handle large sets of data
What tools and techniques are used in fintech for analyzing large datasets?
Artificial intelligence
Define Big Data.
All potentially useful information generated in the economy
What are traditional sources of data included in Big Data?
- Financial markets
- Company financial reports
- Government economic statistics
What are examples of alternative data sources?
- Social media posts
- Online reviews
- Website visits
- Bank records
- Retail scanner data
- Sensors in devices
What is corporate exhaust?
Potentially useful information generated by businesses
What does the Internet of Things refer to?
A broad network of devices embedded with sensors
List the characteristics of Big Data.
- Volume
- Velocity
- Variety
What does volume refer to in the context of Big Data?
The amount of data growing by orders of magnitude
What does velocity mean in Big Data?
How quickly data are communicated
Define variety as it relates to Big Data.
The varying degrees of structure in which data may exist
What is data science concerned with?
Extracting information from Big Data
What are the processing methods in data science?
- Capture
- Curation
- Storage
- Search
- Transfer
What is the purpose of visualization techniques in data science?
To display structured and unstructured data
What are examples of visualization techniques?
- Charts
- Graphs
- Word clouds
- Mind maps
What challenges do analysts face when utilizing Big Data?
- Ensuring data quality
- Accounting for outliers and biases
- Sufficient volume for intended use
*bad or missing data
What is artificial intelligence?
Computer systems programmed to simulate human cognition
What is machine learning?
A computer algorithm that learns to model output data based on input data
What is a typical process in machine learning?
- Training dataset
- Validation dataset
- Test dataset
What is supervised learning?
Input and output data are labeled; the machine learns to model outputs from inputs
What is unsupervised learning?
Input data are not labeled; the machine learns to describe the structure of the data
Define deep learning.
Technique using layers of neural networks to identify complex patterns. May use supervised or unsupervised learning
