Financial Services is a massive hoarder of consumer data and as such the regulation and ethics behind the usage of consumer data surfaced as a hot topic of debate at this months FinTech Collective Dinner.
As we discussed at dinner, this article explores that for some people, the benefits of big data will not be worth the risks--which could include increased workplace, police, and consumer discrimination.
Health care, crime, smart homes, education, law enforcement, employment--these are all areas in which big data has promised to deliver miracles. But are the tradeoffs of privacy for convenience (like Rodriguez's) something we really want? If they are, how do we make sure that individuals maintain control over how our information is being used? The researchers, experts, and privacy advocates I spoke to about the White House's efforts to grasp the lightning speed of developments in the field of big data agreed on one thing: The 90-day review does show a laudable, wide-ranging understanding of some of the risks involved, especially when it comes to the way in which big data can discriminate against individuals.