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Fintech task force deliberates pros and cons of ‘big data’

Bank Innovation

quintillion bytes of data are created every single day. As such, lenders are collecting vast amounts of consumer information and calling it “big data,” a key product to generate insights, support decision making, and enable automation. More than 2.5

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Financial Services will Invest $9 Billion in Big Data This Year

Bank Innovation

Data is created at every financial transaction, and as datasets expand beyond what a single database can hold, big data is born. As complex as these datasets can be, they hold valuable information for financial institutions and are spurring financial services investments.

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Big Lenders Need Help With Big Data, Too

PYMNTS

Traditional banks now realize the value in working with FinTech startups, augmenting their own service offerings by integrating the innovations of others. Data, Horrocks noted, is today an especially poignant point of friction for financial institutions in the lending process. ”

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Is Online Lending Ignoring Big Data Risks?

Bank Innovation

Elevate Credit Inc., which is pining to get to an IPO, today announced that it hired a new chief information officer. Joan Kuehl, who is the online lender’s first CIO, has extensive experience, having worked at Travelers and Bank of America — so it deserves notice when her first pronouncements Read More.

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If You Worry About Black Swans, Look at These Big Data Catastrophe Insurance Ventures 

Bank Innovation

Who could have predicted that Lending Club would do something wrong that caused the Founder CEO to leave and the stock to tank? Black Swan events cannot be predicted. We cannot plan for hurricanes, tsunamis and other extreme weather – we just put that in the Force Majeure clause. Yet Read More.

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Jamie Dimon Talks Big Data, Lenders And Payments Risks

PYMNTS

But, in that interview, he also pointed out some issues with Big Data, the future of financial lending and even pointed out what the biggest risks to payments are. That led into some comments about Big Data and lending. “And it’s just credit data enhanced, by the way, which we do, too.

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HSBC, Alibaba Link Up On Quick eCommerce Loans

PYMNTS

We see big data and other emerging technologies as a huge opportunity to offer innovative solutions that make financing easier for our customers,” HSBC’s Jeanny Ip, head of global trade and receivables finance in Macau and Hong Kong, told the Post. “As Eight virtual banks are starting operations this year.

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