Banknote forecasting with big data tools on the rise
Three-quarters of central bank currency departments yet to use big data
The number of central bank currency departments using big data tools to forecast future demand for banknotes has risen from 12% to 25% over the past year.
According to Central Banking’s Currency Benchmarks 2021, 100% of institutions forecast demand. However, the majority are yet to utilise big data software and techniques.
Big data tools allow for large volumes of data to be analysed to uncover relationships between variables and build predictive models.
Applications range from asset
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