IDEAS home Printed from https://ideas.repec.org/p/wbk/wbkrpb/143463.html
   My bibliography  Save this paper

Using Big Data to Expand Financial Services : Benefits and Risks

Author

Listed:
  • Abraham,Facundo
  • Schmukler,Sergio L.
  • Tessada,Jose

Abstract

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.

Suggested Citation

  • Abraham,Facundo & Schmukler,Sergio L. & Tessada,Jose, 2019. "Using Big Data to Expand Financial Services : Benefits and Risks," Research and Policy Briefs 143463, The World Bank.
  • Handle: RePEc:wbk:wbkrpb:143463
    as

    Download full text from publisher

    File URL: http://documents.worldbank.org/curated/en/505891573224492672/pdf/Using-Big-Data-to-Expand-Financial-Services-Benefits-and-Risks.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. repec:imf:imfdps:19/16 is not listed on IDEAS
    2. Aditya Aladangady & Shifrah Aron-Dine & Wendy Dunn & Laura Feiveson & Paul Lengermann & Claudia Sahm, 2021. "From Transactions Data to Economic Statistics: Constructing Real-Time, High-Frequency, Geographic Measures of Consumer Spending," NBER Chapters, in: Big Data for Twenty-First Century Economic Statistics, National Bureau of Economic Research, Inc.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Kohei Matsumura & Yusuke Oh & Tomohiro Sugo & Koji Takahashi, "undated". "Nowcasting Economic Activity with Mobility Data," Bank of Japan Working Paper Series 21-E-2, Bank of Japan.
    2. Gallin, Joshua & Molloy, Raven & Nielsen, Eric & Smith, Paul & Sommer, Kamila, 2021. "Measuring aggregate housing wealth: New insights from machine learning ☆," Journal of Housing Economics, Elsevier, vol. 51(C).
    3. Raj Chetty & John N. Friedman & Nathaniel Hendren & Michael Stepner & The Opportunity Insights Team, 2020. "The Economic Impacts of COVID-19: Evidence from a New Public Database Built Using Private Sector Data," NBER Working Papers 27431, National Bureau of Economic Research, Inc.
    4. Ademmer, Martin & Beckmann, Joscha & Bode, Eckhardt & Boysen-Hogrefe, Jens & Funke, Manuel & Hauber, Philipp & Heidland, Tobias & Hinz, Julian & Jannsen, Nils & Kooths, Stefan & Söder, Mareike & Stame, 2021. "Big Data in der makroökonomischen Analyse," Kieler Beiträge zur Wirtschaftspolitik 32, Kiel Institute for the World Economy (IfW).
    5. Carolina Mattsson, 2019. "Networks of monetary flow at native resolution," Papers 1910.05596, arXiv.org.

    More about this item

    Keywords

    ICT Applications; Legal Institutions of the Market Economy; Financial Structures; Financial Sector Policy;
    All these keywords.

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wbk:wbkrpb:143463. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: . General contact details of provider: https://edirc.repec.org/data/dvewbus.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Roula I. Yazigi (email available below). General contact details of provider: https://edirc.repec.org/data/dvewbus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.