In this blog, we will discuss some of the challenges of using big data in finance.
Challenges posed by Big Data in Financial Services Industry
Having huge amounts of information can be extremely useful to companies and their customers. But, things can go wrong.
One interesting report found that Target identified a teenage girl as pregnant based on her shopping habits while using her loyalty card. Target used this information to send a mailer to her home recommending maternity clothes.
The father complained about this ‘mistake’, but later found out that Target knew the truth before he did!
This story highlights that the data being collected by large companies including financial institutions is very personal, and it’s not always obvious how it’s going to be used.
An even bigger concern is when data is compromised. Data breaches are so common that we don’t even hear about most of them. Check out this visualization of the biggest data breachesin the last few …