A Framework for Development of Recommender System for Financial Data Analysis

Abstract

The huge amount of data is being created every day by various organisations and users all over the world. Structured, semi-structured and unstructured data is being created at a very rapid speed from heterogeneous sources like reviews, ratings, feedbacks, shopping details, etc., it is termed as Big Data. This data generated from different users share many common patterns which can be filtered and analysed to give some recommendation regarding the product, goods or services in which a user is interested. Recommendation systems are the software tools used to give suggestions to users on the basis of their requirements. Today no system is available for suggesting a person on how to use their money for saving, where to invest and how to manage expenditures. Few consulting systems are available which provide investment and saving tips but they are not much effective and are much complex. The presented paper proposed a collaborative filtering based recommender system for financial analysis based on Saving, Expenditure and Investment using Apache Hadoop and Apache Mahout. Many savings and investment consulting systems are available but no system provides effective and efficient recommendation regarding management and beneficial utilisation of salary. The advantage of proposed recommender system is that it provides better suggestion to a person for saving, expenditure and investment of their salary which in turns maximises their wealth. Due to enormous amount of data involved, Apache Hadoop framework is used for distributed processing. Collaborative filtering and Apache Mahout is used for analysing the data and implementation of the recommender system.