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Recommended reading: big data raises hopes and fears

BBVA Innovation Center

04/24/2013 07:23

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The articles that we have selected this week look at issues such as concerns over how big data might be used, as well as the benefits that it can bring. We also look at payment channels and what trends we can expect in 2013. 

There are real concerns regarding how data is used, particularly as part of the so-called big data concept. The issue has been discussed in an article in The New York Times, entitled Big Data is opening doors, but maybe too many. The author of the piece looks at the benefits of big data, as well as the fears of Big Brother style surveillance and data protection violations.

The article also examines how privacy can be protected in a data-intensive world and what restrictions might be imposed on data use, comparing the fears raised by big data at present with those triggered by the emergence of powerful computers in the 1970s.

And the second article that we have selected this week discusses the returns that big data could bring Harvard Business Review published a post by David Court on its blog, entitled The case for crafting a Big Data Plan.

What real returns can big data offer? How much do we need to invest in order to achieve these returns? How can we plan how we will use such a large quantity of data? The post suggests three cornerstones around which such a plan might be based.

From the future of big data we move onto to payment channels, with a post from Forrester detailing three disruptive trends to watch in 2013. The first is the emergence of new payment formats in the traditional economy.

New financial services trends are attracting more and more consumers, particularly in digital payments. The author of the post also examines the competition now raging in the mobile digital wallet market. The author expects this rivalry to continue in 2013, with operators introducing competitive improvements in an effort to stand out from the crowd.