Perhaps, the biggest beneficiary of big data is the field of AI. Together, both these technologies can take psychometric profiling to the next level. Studying the impact of AI and big data in psychometrics is crucial to make future improvements in the field. The sheer number of areas in which involving psychometric evaluation can make a difference is truly mind-boggling. From assessing job-seeking candidates during recruitment to contesting a nationwide election, from marketing to law enforcement, psychometric assessments play a big part in understanding the pulse of a large crowd or the defining character traits of an individual.

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The document, which was prepared by chief economic adviser Krishnamurthy Subramanian and tabled by finance minister Nirmala Sitharaman in Parliament on Friday, said the banking sector must scale up in tandem with the size of the Indian economy to support growth and development. The growth and efficiency of state-owned lenders, which account for over two-thirds of the banking space, is imperative for India to become a $5-trillion economy in the next five years, survey added. However, inefficient public sector banks can severely handicap the country's ability to make use of the unique available opportunities, and this could impact growth. "The state of the banking sector in India, therefore, needs urgent attention," it said. The survey said banks should also introduce employee stock ownership (ESOP) scheme and link it to the performance of employees. "Ownership by motivated, capable employees across all levels in the organization could give such employees tangible financial rewards for value enhancement, align their incentives with what is beneficial to the public sector banks, and create a mindset of enterprise ownership for employees," it added.

What exactly is artificial intelligence? In much the same way that you'd be a bit stumped if someone demanded that you provide a hard and fast definition of say, philosophy, there isn't a satisfactorily rigorous answer to this question. As the Stanford Encyclopaedia explains, AI's definition falls under the category of "remarkably difficult, maybe even eternally unanswerable, questions, especially if the target is a consensus definition". But that hasn't stopped startups from jumping on the buzzword bandwagon. To get around this problem, most AI definitions settle for a muddled approach.

Editor's Note: This post has been updated as of December 24, 2018. TD Bank Group is a leading Canadian bank and the sixth largest bank in North America by branches, employing more than 85,000 people. The bank provides its services to around 25 million customers, and its guiding philosophy is "legendary customer service." In short, this means that every interaction with the bank should be a memorable and enjoyable experience. Over the last five years, TD's Innovation, Technology and Shared Services team has rolled out the "Googlefication" of the business.

An Indian student in the US has created a space-detecting algorithm that can help tackle the problem of finding a parking spot by using big data analytics and save a person's time and money. Sai Nikhil Reddy Mettupally, who is studying at The University of Alabama in Huntsville (UAH), has also won second prize at the 2018 Science and Technology Open House competition for his creation. According to a university press release, Sai's creation relies on big data analytics and deep-learning techniques to lead drivers directly to an empty parking spot. Big data analytics is a complex process of examining large and varied data sets to uncover information including hidden patterns, unknown correlations, market trends and customer preferences. Sai conceived the idea shortly after the university transitioned to zone parking last fall. "The data show that, on a typical day, there is a high chance that students or faculty members will have difficulty getting a parking spot between 11 am and 1 pm, leading to the wastage of time and fuel, and adding to the pollution," he says.

Artificial intelligence is the hot new thing in enterprise. A whopping 80 percent of businesses have some form of machine learning in production today, according to a study commissioned by Teradata, and fully 21 percent have ongoing AI pilot projects. Those without AI expertise might turn to R2.ai, a three-year-old Silicon Valley-based startup providing tools that help customers develop AI solutions. "We're the AI that helps create AI," CEO Yiwen Huang told VentureBeat in an interview. "Our goal is to make data accessible for all [and to] drive mass adoption across different industries."

Everything was small data before we had big data. The scientific discoveries of the 19th and 20th centuries were all made using small data. Physicists made all calculations by hand, thus exclusively using small data. And yet, they discovered the most beautiful and most fundamental laws of nature. Moreover, they compressed them into simple rules in the form of elegant equations.

The blossoming of fintech shows financial regulators need to update their tools, Rep. Patrick McHenry, possibly the next chair of the House Financial Services Committee, said today. Regulators need to start using Artificial Intelligence (AI) to adapt rules quickly to a rapidly changing financial system, a Republican Congressman who is often mentioned as the next possible head of the House Financial Services Committee said today. To meet the fintech challenge, Rep. Patrick McHenry (R-NC) also called for regulators to begin employing Big Data to develop strategies. "The basic way consumers are interacting with the banking system is fundamentally changing," said the Congressman. McHenry revealed he will be introducing a bill soon to bring financial regulation into the fintech era.

Accounting firms often hear about the promise of data analytics and leveraging "big data" to drill down for insights to help their business clients. However, many smaller accounting firms don't have access to such technology, not to mention data scientists, analysts and researchers, to help their small business clients analyze vast databases to find ways to increase revenue, streamline operations, forecast more accurately, and better manage inventory to hold down costs. Hitendra Patil, director of practice development at AccountantsWorld, sees ways that data analytics and other advanced technology such as artificial intelligence can be leveraged by even the smallest accounting firms. "Audit technology seems to be the faster-moving one towards the future," he said. "One of the reasons is that audit is done on the existing data and information. Everything is already in various systems, so it's all a defined data set. It's easier to implement analytics and AI on audit data rather than future transactional data for accounting. Audit will definitely move faster. That's my personal take on where the technology is going to make a massive impact in the next 12 months or so."