Jump to content

Sign in to follow this  
Luuk Jacobs

The big data game - The location economy

Recommended Posts

Luuk Jacobs

This article shows very well as to what data you "give away" when using apps on your phone and clearly also how others make money with it (just in case you believe in the myth that the Internet or Apps are for free).

 

Not everyone is using / selling your data and numerous apps need your location to work. However as we all install apps without readings the T&Cs its worthwhile every now and again to review what permissions you have given to your data.

 

Equally you can protect yourself to it by changing some of the settings on your phone.

 

XcsIGBQV4iYpdkWomKQE
INNOVATIONTODAY.WORDPRESS.COM

Have you ever wondered how targeted advertising works or even how by magic your phone seems to know more about you than you have shared? Data forms the backbone of the new location economy and you...

 

Share this post


Link to post

Become a member to read more and join the discussion

Members can read and contribute to discussions

Apply

Register now for free access.

Create your account

Sign in

Already a member? Sign in here.

Sign In Now

Sign in to follow this  
  • Related Content

    • Andy Milner
      By Andy Milner
      June 10th to 14th is London Tech Week, and the Mayor has announced some stats showing the investment is still strong compared to other European centres, including Checkout.com, an online-payment provider, which raised £176m.
       
       
       
      Brexit chaos holding back tech sector - London mayor - Reuters
      UK.REUTERS.COM London's booming technology sector could be making even faster progress if the gridlock over Brexit wasn't depriving thousands of start-ups and big tech companies of the certainty they need ...  
       
    • AlgoMe
      By AlgoMe
      As more asset managers acquire –or develop- Artificial Intelligence (AI) and Machine Learning (ML) solutions to maximise their alpha generation, market growth and operational cost reduction; it is clear that the industry needs to prepare to face the future challenges these solutions will bring when they become mainstream. 
       
      Are you prepared for AI implementation?
      Do not miss out on this unique opportunity to discuss how AI will impact key business areas while creating greater opportunities for the asset management community.
       
      https://www.theia.org/events-training/event?eventtemplate=204-techtalk-new-frontiers-how-ia-is-transforming-asset-management&event=416
       
    • AlgoMe
      By AlgoMe
      London Tech Week
      LONDONTECHWEEK.COM Uniting tech and talent in a world-class hub of innovation  
    • AlgoMe
      By AlgoMe
      Placeholder - details to follow
    • Luuk Jacobs
      By Luuk Jacobs
      The FCA has now recognised the increased use of big data and AI across the Investment Management and banking value change.  It is aiming to better understand the impact it has and will have, the benefits and harms and implications for regulation. One of their focus points in their 2019 Research agenda on the theme of technology, big data and artificial intelligence (AI) is the economics and ethics of this theme.
       
      The economics of the use of big data and AI in general are already quite well understood. They have changed the way of doing business and generating value enormously. Industries have been and continue to be disrupted; examples like Amazon, Apple, Facebook, Uber and even Microsoft have shown how the philosophy of platforms has moved us from single supplier mentality to open marketplaces.  These places where producers and consumers come together in interactions that create value for both parties, whether it is peer to peer or direct to consumer and disrupt the existing status quo.
       
      Platforms are not an entirely new phenomena as it has existed already in traditional open air market places around the world or for example in stock markets. What is new, is the addition of digital technology enabling platforms to enormously extend their reach, speed, convenience and efficiency.
       
      I would argue that the real impact of big data and AI has not hit Investment Management yet. Yes, there is robo-advice providing digital financial advice based on mathematical rules or algorithms (examples like Nutmeg). The majority of them however have been struggling to make their platform economically viable and according to a Deloitte report robo-advisers would need around £6bn assets under management to generate enough revenues to cover their costs. Nevertheless, also Investment Management is at the start of using big data, blockchain/ Distributed ledger technology and natural language processing. The benefits are seen already in better informing (investment) decisions, driving operational efficiency and fraud prevention and compliance.
       
      Arguably lesser known are the potential ethical impacts that will be associated with the use of these technologies while companies move from the traditional commercial yardsticks to include ethical and value-based decision making.
      The established players like Facebook and Alphabet (through the accusations of distributing fake news), Uber (sexual harassment and leadership style), AirBnB (destroyed properties from their users), have and continue to show that the ability to embed ethical awareness and decision making across functions will emerge to be a key attribute of successful digital organisations. The Investment Management industry is to be warned.
       
      Governments are stepping up (the FCA research agenda aims at looking at the implications on regulation) and, for example, GDPR is a first step. Nevertheless, the industry should not be waiting for governments and regulators to step in. I would argue that especially in an industry like Investment Management which is based on trust, companies that put ethics and morality front and centre of their organisation and especially with regards to big data and AI, are more likely to engender the trust of customers and differentiate themselves from competitors in the market.
       
      So what are the ethical questions ‘big data and AI’ that should be asked?  
       
      Can artificial intelligence exacerbate, hide and create unintended biases? Do network effects reduce competition and, in turn, impact consumer choice? How can we be accountable for big data? How do we define big data? How do we adjust risk management frameworks? What are the benefits and, more importantly who will benefit and who might be at risk by this?  
      According to Charles Ellis, CFA, and chair of the Whitehead Institute, Cambridge, Massachusetts, the “biggest challenge” with regards to ethics for the investment management industry is to “find the pathway to reassert the dominance of the profession over the business”; an inherent conflict of interest in the Investment Management business as they are supposed to deliver financial performance both to their owners and their clients. 
       
      Regulation is in the end already in place and leaves little room for ambiguity ie to treat the clients in a fair and ethical way with the general principle to always put the clients’ interest first (AIFMD, UCITs IV and MiFID II).
       
      It is up to the industry now to ensure that these principles are followed and embedded when using big data and AI.  There is no magic pill for it yet, but the market shapers and early adopters will show how easy or difficult this might be.
Debug info for admin:
appforums
moduleforums
controllertopic
topics/forum ID214
page ID
PHP user agentCCBot/2.0 (https://commoncrawl.org/faq/)
×

We use cookies to give you the best possible experience. If you continue, we’ll assume you are happy with this. For further information, see our Privacy Policy.