Definition
A data bank is a centralized collection of structured and unstructured data, organized in a way that is easy to process, access and analyze information. Businesses, government agencies and science and healthcare facilities use data banks to store and manage large data volumes. Usually, a data bank has one or two, containing columns and row of data.
The rows denote individual records while columns represent characteristics of those records. A software program called database management systems (DBMS) is used to manage data banks. It provides mechanism for generating, updating and probing data.
Data Banks Application
- Business: Data banks are used to manage sales transactions, customer data, inventory, and supply chain information are managed using data banks. They are also used for customer relationship management, marketing, and business analytics.
- Healthcare: An electronic health record is a type of data bank that stores patients’ records, laboratory results, and treatment plans.
- Education: Educators use data banks to store and manage student data, grade performance, take attendance records, and create lesson plans. They also use them to assess student performance and conduct research.
- Finance: Data banks are used by banks and other financial institutions to manage client accounts, transactions, financial information, risk evaluation, fraud control, and compliance requirements.
- Government: Government agencies use data banks to manage public records, conduct censuses, enforce laws, respond to emergencies and disasters, and formulate policies.