April 19, 2016
Big data has become an immense part of any sort of sophisticated decision-making tool for financial institutions. The importance of consolidated structured records on customer financial (and not only) behavior is difficult to overestimate as it provides companies an opportunity to make accurate business choices and stay relevant in the market.
While all the advantages of big data are quite well-known and anticipated, there are, however, certain downsides. Big data carries hidden rocks both for customers and for organizations that are just as important to acknowledge as all the advantages.
Earlier this year, the US Federal Trade Commission published a report on big data, addressing certain concerns the government and professionals have on the downsides of big data utilization for decision-making.
One of the concerns is the quality of data, its accuracy, completeness, and representativeness. Accurate decisions can’t be made on inaccurate data or data of a poor quality.
Another concern professionals express is the effect of uncorrected biases in the underlying consumer data. During qualit ...