Big data and banks: The growing relationship

Zafar Anjum

Can privacy laws come in the way of big data's expansion in Asia and elsewhere?

While it is understood that privacy laws aim to protect businesses and consumers, their impact on big data's expansion in Asia and beyond has yet to be fully realised. The benefits of building individual profiles for each customer have allowed businesses to tailor their products and services on a personal level, which has in turn increased profitability. A concern raised during this process is how far personal profiling should go before it is considered to invade an individual's privacy rights. De-identification of data is one way businesses can try to bring anonymity to profiles, so they can't be read by humans managing the process. Efforts such as this will be brought in voluntarily and through regulation. Like any new industry, much of this is being worked out as the field develops.

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