Using Big Data to Expand Financial Services : Benefits and Risks
Big data is transforming financial services around the world. Advances in data analytics and computational power are allowing firms to exploit data in an easier, faster, and more reliable manner, and at a larger scale. By using big data, financial...
| Main Authors: | , , |
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| Format: | Brief |
| Language: | English |
| Published: |
World Bank, Washington, DC
2019
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/505891573224492672/Using-Big-Data-to-Expand-Financial-Services-Benefits-and-Risks http://hdl.handle.net/10986/32655 |
| Summary: | Big data is transforming financial
services around the world. Advances in data analytics and
computational power are allowing firms to exploit data in an
easier, faster, and more reliable manner, and at a larger
scale. By using big data, financial firms and new entrants
from other sectors are able to provide more and better
financial services. Governments are also exploring ways to
use big data collected by the financial sector more
systematically to get a better picture of the financial
system as a whole and the overall economy. Despite its
benefits, the wider use of big data has raised concerns
related to consumer privacy, data security, discrimination,
data accuracy, and competition. Hence, policy makers have
started to regulate and monitor the use of big data by
financial institutions and to think about how to use big
data for the benefit of all. |
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