dunnettreader + tech + consumers   2

Big Data and Discrimination | Demos - May 2014
On May 1, the White House released a 90 day review studying the effects of big data and privacy, led by Obama's Counsel, John Podesta. Big data truly has enormous potential for social change and creative innovation. However, a key finding of the review is that big data analytics has the potential to lead to discriminatory outcomes and to evade and stymie hard-won civil rights protections in housing, employment, credit, and the consumer market. Fundamentally, big data creates a power imbalance between those who hold and apply the data and between those who knowingly or unknowingly supply it. The review finds that perfect personalization, which is the fusion of many different kinds of data, processed in real time, can lead to overt and covert forms of discrimination in pricing, services, and opportunities.
US_government  Internet  tech  civil_liberties  inequality  Innovation  consumers 
may 2014 by dunnettreader
PayPal who? Dwolla is the most daring digital payment startup you've never heard of | The Verge
"Dwolla is a fascinating company, because they are trying to build a whole new set of rails for moving money," says Mark Egerman, who ran the mobile payments division at the Consumer Financial Protection Bureau. "The ACH system is completely broken, and it's amazing to watch someone take that on." Working at the CFPB, Egerman saw firsthand how hard merchants were hit by the credit card system. "Restaurants were losing huge amounts of money and having to wait weeks to get their funds. Whoever can solve that problem will have a huge impact and a huge business"

But while Egerman is excited about Dwolla's mission, he remains skeptical about their chances. "In order for it to be really useful you need a ton of supply and demand. They are trying to build a two-sided market, and that is very tough, because you can't attract one without the other. It's a chicken and egg problem."
financial_system  banking  tech  consumers  SMEs 
november 2013 by dunnettreader

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