Many bad things has been said about data mining and the biggest one is privacy. Many are concerned that data mining invades the privacy of individuals and by doing this certain people can access individuals personal information such as a bank account statement. According to the article data mining might be seen in a good way because it will pry loose consumer information and organize it in a way that helps individuals make smarter money decisions. Along with this information banks will be able to understand the needs of their customers better and individuals will be able to make smart money decisions. The exposure of certain personal information can increase the financial education effort. An example of data mining can be seen in a good light happened in California where three utilities disclosed detailed energy consumption records and many could download this to view their consumption. One customer downloaded her data and discovered that her daughter was taking long showers and the showers required lots of water.The utility bill decreased once her daughter stopped taking long showers. Since data is already made available by the government there is a huge problem with getting banks to go along with this. Banks are concerned with identity theft and hackers being exposed to consumers information, so why go along with this on-going debate?
Source: http://moneyland.time.com/2012/03/06/privacy-heres-how-data-mining-might-actually-help-consumers/
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