With the new dependency on technology, consumers are producing more data than ever. Using this data, it is possible to create fuller pictures of people’s spending and credit habits, allowing for greater accessibility to capital. And with the right measurements in place, the data can be analyzed so quickly, that credit decisions can be made almost immediately.
Today, Brett talks to Pat Phelan of Trustev and Paul Siegfriend of Transunion about the developments of utilizing data to give you real time credit decisons, and give business information that make them of greater service to their customers, and the potential uses and abuses of big data.