Driving better consumer outcomes in the era of big data and artificial intelligence
A speech by Greg Medcraft, Chairman, Australian Securities and Investments Commission, Corporate Governance Discussion Group (Sydney, Australia), 3 November 2016
Today I would like to speak about how data can be used to drive better consumer and investor outcomes.
I have three main points I would like to make today:
- First, technology is now facilitating the collection and analysis of vast amounts of data – which twenty years ago would have been unimaginable.
- Second, there are opportunities for businesses – particularly financial services organisations – to use this data to deliver a more tailored value proposition to their customer base.
- Third, data gives ASIC the opportunity to become more pre-emptive and proactive as a regulator.