Data Savvy
Q: What is the primary purpose of data visualization?
a) To store data securely
b) To represent data in a graphical form
c) To delete unnecessary data
d) To encrypt data
b) To represent data in a graphical form
Q: What is the primary benefit of data-driven decision making?
a) Reducing the need for customer service
b) Making decisions based on factual data rather than intuition
c) Increasing the number of bank branches
d) Enhancing the aesthetic appeal of bank reports
b) Making decisions based on factual data rather than intuition
Q: What is data analysis?
A. Involves examining, cleaning, transforming, and modeling data to discover useful information, inform conclusions, and support decision-making.
B. It focuses solely on historical data without considering future trends.
C. It helps in creating colorful charts
A. Involves examining, cleaning, transforming, and modeling data to discover useful information, inform conclusions, and support decision-making.
Q: What is an example of Personally Identifiable Information (PII)?
A. Social Security Number
B. School of Graduation
C. Brand of Owned Car
D. Favorite Color
A. Social Security Number
Q: What does AI stand for?
A. AI stands for Artificial Intellect, which refers to the simulation of human intelligence processes by machines, especially computer systems.
B. AI stands for Artificial Intelligence, which refers to the simulation of human intelligence processes by machines, especially computer systems.
B. AI stands for Artificial Intelligence, which refers to the simulation of human intelligence processes by machines, especially computer systems.
Q: Which of the following is a common tool used?
a) Microsoft Word
b) Adobe Photoshop
c) Microsoft Excel
d) Google Chrome
c) Microsoft Excel
Which of the following best describes the primary benefit of data-driven decision making in a banking context?
A. It allows decisions to be made based on intuition and experience.
B. It ensures decisions are based on objective data and evidence.
C. It reduces the need for data collection and analysis.
D. It focuses solely on historical data without considering future trends.
B. It ensures decisions are based on objective data and evidence.
Explanation: Data-driven decision making involves using objective data and evidence to guide decisions, which helps in making more accurate and reliable choices, reducing biases, and improving overall business outcomes.
TRUE OR FALSE:
Predictive analytics focuses on summarizing historical data to understand what has happened, while Descriptive analytics uses statistical models and machine learning techniques to forecast future outcomes based on historical data
FALSE
Descriptive analytics focuses on summarizing historical data to understand what has happened, while predictive analytics uses statistical models and machine learning techniques to forecast future outcomes based on historical data
Q: What is the first step you should take if you suspect a data breach has occurred?
A. You need to investigate first before reporting it to ensure it is valid.
B. The first step is to report the suspected breach to your organization’s data protection officer or IT security team immediately. Prompt reporting can help mitigate the impact of the breach.
C. Do not report anything
B. The first step is to report the suspected breach to your organization’s data protection officer or IT security team immediately. Prompt reporting can help mitigate the impact of the breach.
Q: Which of the following is a common application of AI in the banking sector?
A. Automated Teller Machines (ATMs)
B. Chatbots for customer service
C. Manual ledger entries
D. Physical vault security
B. Chatbots for customer service
Q: In data analysis, what does the term “outlier” refer to?
a) A data point that is significantly different from other data points
b) A data point that is the average of all data points
c) A data point that is the median of all data points
d) A data point that is the mode of all data points
a) A data point that is significantly different from other data points
Q: What does the term “data mining” refer to?
a) The process of collecting data from customers
b) The process of analyzing large datasets to discover patterns and relationships
c) The process of storing data in a secure location
d) The process of deleting outdated data
b) The process of analyzing large datasets to discover patterns and relationships
TRUE OR FALSE
Handling missing data can involve several techniques such as:
Imputation: Replacing missing values with mean, median, or mode.
Deletion: Removing rows or columns with missing values.
Prediction: Using algorithms to predict and fill in missing values based on other data points.
TRUE
Q: Which regulation governs the protection of personal data within the European Union?
A: The General Data Protection & Security (GDPS) governs the protection of personal data within the European Union. It sets strict guidelines on data privacy and security.
B. The Privacy Data Protection Regulation (PDPR) governs the protection of personal data within the European Union. It sets strict guidelines on data privacy and security.
C. The General Data Protection Regulation (GDPR) governs the protection of personal data within the European Union. It sets strict guidelines on data privacy and security.
C. The General Data Protection Regulation (GDPR) governs the protection of personal data within the European Union. It sets strict guidelines on data privacy and security.
TRUE OR FALSE
Machine learning is a subset of AI that involves creating algorithms that allow computers to learn from and make predictions or decisions based on data.
TRUE
Q: What is the main advantage of using predictive analytics?
a) It helps in creating colorful charts
b) It assists in predicting future trends and customer behaviors
c) It reduces the need for data storage
d) It simplifies the process of data entry
b) It assists in predicting future trends and customer behaviors
Q: How can predictive analytics be used to improve customer retention in banks?
a) By predicting future trends and customer behaviors to tailor services
b) By increasing the number of ATMs
c) By reducing the interest rates on loans
d) By hiring more customer service representatives
a) By predicting future trends and customer behaviors to tailor services
You are tasked with analyzing customer transaction data to identify potential fraudulent activities. You have a dataset with millions of transactions, including attributes such as transaction amount, transaction type, customer ID, and timestamp. Which advanced data analysis technique would be most effective in detecting anomalies that could indicate fraud?
A. Linear Regression
B. K-Means Clustering
C. Decision Trees
D. Principal Component Analysis (PCA)
B. K-Means Clustering
Q: What is the principle of “data minimization” in data protection?
A. The principle of “data minimization” requires that only the minimum amount of personal data necessary for a specific purpose should be collected, processed, and stored. This helps reduce the risk of data breaches and ensures compliance with data protection regulations.
B. The principle of “data minimization” requires that all necessary data for a specific purpose should be collected, processed, and stored. This helps reduce the risk of data breaches and ensures compliance with data protection regulations.
A. The principle of “data minimization” requires that only the minimum amount of personal data necessary for a specific purpose should be collected, processed, and stored. This helps reduce the risk of data breaches and ensures compliance with data protection regulations.
Elaborate why potential for bias is one of the most ethical concerns in AI algorithms especially in banks.
A. It can lead to fair treatment of certain groups of customers. Ensuring that AI systems are transparent and fair is crucial to addressing this issue.
B. It can lead to unfair treatment of certain groups of customers. Ensuring that AI systems are transparent and fair is crucial to addressing this issue.
B. It can lead to unfair treatment of certain groups of customers. Ensuring that AI systems are transparent and fair is crucial to addressing this issue.
Q: Which of the following best describes the concept of “data governance”?
a) The process of creating data backups
b) The overall management of data availability, usability, integrity, and security
c) The method of encrypting data for security purposes
d) The technique of visualizing data using charts and graphs
b) The overall management of data availability, usability, integrity, and security
Q: What is the role of “data governance” in ensuring effective data-driven decision making?
a) It involves creating colorful charts for presentations
b) It ensures the proper management of data availability, usability, integrity, and security
c) It focuses on encrypting data for security purposes
d) It is about visualizing data using advanced software
b) It ensures the proper management of data availability, usability, integrity, and security
Question:
Which of the following is a common method for visualizing data trends over time in a dataset?
A. Histogram
B. Scatter Plot
C. Line Chart
D. Pie Chart
Answer:
C. Line Chart
Explanation: A line chart is commonly used to visualize data trends over time. It connects data points with a continuous line, making it easy to see patterns, trends, and changes over a period.
Q: When collecting customer data, which of the following practices should be followed?
A. Collect data indiscriminately.
B. Deceive individuals about the purpose of data collection.
C. Limit the amount and type of data collected to what is necessary.
D. Store all collected data indefinitely.
C. Limit the amount and type of data collected to what is necessary.
Q: How can AI improve fraud detection in banking?
AI can improve fraud detection by analyzing large volumes of transaction data in real-time to identify patterns and anomalies that may indicate fraudulent activity. This allows for quicker and more accurate detection of potential fraud.