Study Overview
In this review, we discuss changes resulting from both big data and non-traditional data in the financial industry. We explore ways these innovations are shaping markets and companies, but put greater focus on the consequences - both positive and negative - for end consumers. We aim to cast a wide net over offerings for both developed and emerging markets, as well as both products aimed at low-income, low-literacy individuals and those intended for more educated, wealthy, and financially savvy consumers.
Study Results
Analysis suggests there are many promises and potential risks - such as discrimination caused by bias in data used for credit scoring or consumers' behavior to game systems - related to data-driven fintech innovation. In many cases, better oversight and further research can help to address the concerns and ensure benefits are more widely distributed. As these technologies become more ubiquitous, the challenge will be for regulation and rigorous evaluation of impacts to keep pace with rising innovation.
Populations: General
IBSI Funding Acknowledgement: Lab for Inclusive FinTech (LIFT)