This week, we begin with an article that analyses how heuristics and gut instincts in businesses offer a better trade-off in terms of decision-making speed and accuracy than data analysis. Next, we have a piece that discusses how alternative data and new analytics are enabling fintech lenders to monitor their credit portfolio while also broadening the scope of credit markets to include new customers. The following article discusses how stock exchanges are increasingly seeking out deals with data providers to integrate alternative data. Following that, we have an essay on how scientists need to develop and adopt new visualisation techniques to deal with the complexity of scientific data. Next is an article regarding the Biden administration’s proposal to collect data on foreign individuals holding cryptocurrency accounts in the United States in order to strengthen international cooperation to combat tax evasion. Finally, we have an article about the Internet Watch Foundation’s (IWF) efforts to develop digital fingerprints of millions of photographs and videos of child sexual abuse so that they can be discovered and deleted from the internet.
When an Educated Guess Beats Data Analysis
Data-driven decision making is often viewed as the gold standard in modern management. And this is for good reason. The explosion of available data and rapid advances in data science enable managers to know substantially more about their business. This knowledge, if used well, should bring about better decision-making on about every aspect of the business.
Analytics and Automation Are Opening the Credit Markets to New Consumers
The conventional wisdom amid the recent backlash against all things technology is that AI and machine learning are at worst inherently biased or at best only serve one segment of the population. Last year, for instance, the Committee on Financial Services Task Force held a hearing on “equitable AI” in which Congressman Barry Loudermilk proposed, “There needs to be a benchmark to compare algorithm results and evaluate the fairness of an algorithm’s decisions.”
Stock Exchanges Seek Out Deals with Data Providers
Shareholders in London Stock Exchange Group value data so highly that they granted the company’s boss a near tripling of his total pay — to £6.9m — last year. They had reason to: David Schwimmer’s takeover of financial information provider Refinitiv for $27bn led to a surge in the LSE share price.
Why Scientists Need To Be Better at Visualising Data
Imagine a science textbook without images. No charts, no graphs, no illustrations or diagrams with arrows and labels. The science would be a lot harder to understand. That’s because humans are visual creatures by nature.
Biden Targets Crypto Tax Evaders in Global Data-Sharing Pitch
The Biden administration has proposed requiring the collection of data on foreign cryptocurrency investors active in the U.S., aiming to bolster international cooperation to help in a broader crackdown on tax evasion. The Treasury Department, in its “Greenbook” of revenue proposals released last Friday, proposed a requirement for cryptocurrency brokers, such as exchanges and hosted-wallet providers, to provide information to the IRS on foreign individuals indirectly holding accounts with them.
Child abuse images ‘digitally fingerprinted’ to prevent online sharing
A new task force will create digital fingerprints (hashes) of millions of the most severe child sexual abuse images and videos so that they can be quickly identified and removed from the internet. The team, which has been set up by the Internet Watch Foundation (IWF), will work internationally and create hashes from two million Category A and B images from the UK Government’s Child Abuse Image Database (CAID).