WASHINGTON (8/18/14)--An exploration of "big data" and how it can affect financial institutions and consumers, particularly low-income and underserved consumers, will be the topic of a Federal Trade Commission (FTC) workshop Sept. 15 in Washington, D.C.
With smartphones, social networks, cloud computing and predictive analytic techniques enabling the collection, analysis, use and storage of data in a ways not possible a few years ago, there are benefits and drawbacks.
New insights into medicine, education, and transportation, improved product offerings and more effectively tailored advertisements can be offset by concerns about whether big data may be used to categorize consumers in ways that may affect them unfairly, or even unlawfully.
According to the FTC, financial institutions, as well as retailers and other service providers, use big data to offer discounts to certain customers, tailor advertising for financial products or assess credit risks of certain populations.
The workshop, which will consists of academics, business and industry representatives and consumer advocates will address the following issues:
- How are organizations using big data to categorize consumers?
- What benefits do consumers gain from these practices? Do these practices raise consumer protection concerns?
- What benefits do organizations gain from these practices? What are the social and economic impacts, both positive and negative, from the use of big data to categorize consumers?
- How do existing laws apply to such practices? Are there gaps in the legal framework?
- Are companies appropriately assessing the impact of big data practices on low income and underserved populations? Should additional measures be considered?
The workshop is free and open to the public, but seating will be limited and attendance will be on a first-come, first-served basis starting at 8 a.m. (ET) Sept. 15. No pre-registration is required.
A live webcast of the workshop will also be available on the day of the event.
Use the resource link below for more information.