Do you use online banking? Do have a Revolut card or considering to invest in one? Or are you simply just interested in finding out more information on data? The aim of blog is to illustrate how Revolut, the mobile banking application uses data in the current Information world.
As modern society connects more with the internet, whether that is with home smart devices, smart cities or simply just new developments in mobile devices, the amount of data we produce is constantly on the rise. Companies should be utilizing this data for improvements. This blog will use Revolut to demonstrate the topic of data and its possibilities.
#BigData is described by Riahi and Riahi (2018) as the mass of digital data collected through devices
connected to the Internet, these extensive datasets are measured in terms of volume, variety, velocity,
veracity and value. Hadoop is one of several database management systems used by companies to collect,
store and analyze these large datasets. Companies use Hadoop to extract valuable information from the
large data sets.
#EmergingTechnologies have seen a huge increase in data, according to PWC (2020) the banking sector is
beginning to utilize big data to improve services, reduce costs and create new opportunities.
#Revolut is a digital banking mobile app, it gives customers the opportunity to open a current account in
minutes and avoid the stress of going to a bank. Your bank card is posted out to you and from there you
can avail of services such as investing in cryptocurrencies, it provides customers with spending analytics,
daily discounts, transfer money into 30 different currencies with interbank exchange rates, using a vault to
help save money and splitting bills with friends. Human generated and machine generated data is collected
by Revolut customers through the use of their mobile app. Real time data is collected from users as they
shop, travel and connect with friends, this is measured as the velocity of data. This real-time data would
be considered trustworthy as it is reporting on what the users are purchasing and their current location.
There is a huge volume of data, from their personal information, their contacts, transactions and location.
The variety of this data collected by Revolut is considered structured, semi-structured and unstructured
data. Finally, these datasets have created value by introducing discounts to the customer and using
machine learning to protect their customers from fraud. (Revolut, 2018)
References:
Revolut (2020) A better way to handle your money Available at: https://www.revolut.com/en-IE
[Accessed 27 January 2020].
Riahi, Y. and Riahi, S. (2018) ‘Big Data and Big Data analytics: Concepts, types and technologies’,
International Journal of Research and Engineering, 5(9), pp. 524-528.
Thanendran, A. (2018). ‘How we use machine learning to protect you from fraud’, Revolut Blog,
13 November.
Available at https://blog.revolut.com/how-we-use-machine-learning-to-protect-you-from-fraud/
[Accessed 26 January 2018].
It is an excellent tool that Revolut users can access real-time data to analyze their spending patterns and develop savings plans etc. The spending analytics tool is an excellent way for the users to greater understand in real-time their spending habits. It is an excellent tool that provides users with invaluable information and ultimately enhances the user experience.
ReplyDeleteThis is an excellent example of an emerging technology, one that is transforming traditional banking methods using Big Data. The insights and analytics for both Revolut and the customer are proving to be excellent tools for budgeting and learning about spending trends, especially during the pandemic.
ReplyDeleteA very interesting topic. I am particularly interested in how Revolut and other financial services app could use their user data to analyse spending trends and potentially use that information to influence global markets. It's not something I've seen really discussed within banking or other financial apps but surely these companies have access to enough information to make well-informed investments for their customers?
ReplyDeleteFascinating topic. I like Revolut because it offers flexibility and alternative ways to handle money that other traditional banks don’t offer. Their new ways of doing business are only possible because Revolut could leverage Big Data and turn it into business value.
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