Big Data and Your Wallet: What You Need to Know

By Mansi Singhal via

Remember Watson – the IBM computer that beat Ken Jennings on Jeopardy? He – or should I say it – was an early example of how big data can solve complex challenges.

Today, big data and the deep learning techniques behind Watson are being used to solve problems in dozens of fields. From medicine to communications, computers are taking incredible volumes of information and using it to build better mousetraps.

And now big data is changing our bank accounts.

You might think that big data belongs only in the realms of hedge funds and private equity firms that can afford to spend millions of dollars on server farms and build expensive analysis infrastructures. That’s no longer the case.

Google, Amazon and Microsoft have made the raw computing tools available for rent by the hour. Smaller companies can now take advantage of this processing power that was once only available to the elite. Now, there are more options that ever for managing money.

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