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...

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Main Authors:	Abraham, Facundo, Schmukler, Sergio L., Tessada, Jose
Format:	Brief
Language:	English
Published:	World Bank, Washington, DC 2019
Subjects:	BIG DATA FINANCIAL SERVICES FINANCIAL INCLUSION
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

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recordtype	oai_dc
spelling	okr-10986-326552021-05-25T10:54:36Z Using Big Data to Expand Financial Services : Benefits and Risks Abraham, Facundo Schmukler, Sergio L. Tessada, Jose BIG DATA FINANCIAL SERVICES FINANCIAL INCLUSION 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. 2019-11-20T21:53:32Z 2019-11-20T21:53:32Z 2019-11 Brief http://documents.worldbank.org/curated/en/505891573224492672/Using-Big-Data-to-Expand-Financial-Services-Benefits-and-Risks http://hdl.handle.net/10986/32655 English Research & Policy Briefs,no. 26; CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Brief
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	BIG DATA FINANCIAL SERVICES FINANCIAL INCLUSION
spellingShingle	BIG DATA FINANCIAL SERVICES FINANCIAL INCLUSION Abraham, Facundo Schmukler, Sergio L. Tessada, Jose Using Big Data to Expand Financial Services : Benefits and Risks
relation	Research & Policy Briefs,no. 26;
description	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.
format	Brief
author	Abraham, Facundo Schmukler, Sergio L. Tessada, Jose
author_facet	Abraham, Facundo Schmukler, Sergio L. Tessada, Jose
author_sort	Abraham, Facundo
title	Using Big Data to Expand Financial Services : Benefits and Risks
title_short	Using Big Data to Expand Financial Services : Benefits and Risks
title_full	Using Big Data to Expand Financial Services : Benefits and Risks
title_fullStr	Using Big Data to Expand Financial Services : Benefits and Risks
title_full_unstemmed	Using Big Data to Expand Financial Services : Benefits and Risks
title_sort	using big data to expand financial services : benefits and risks
publisher	World Bank, Washington, DC
publishDate	2019
url	http://documents.worldbank.org/curated/en/505891573224492672/Using-Big-Data-to-Expand-Financial-Services-Benefits-and-Risks http://hdl.handle.net/10986/32655
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Using Big Data to Expand Financial Services : Benefits and Risks

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