What has surpassed oil as the most traded commodity?
Big data overtook oil as the world’s most valuable resource in 2017, with Apple, Amazon, Facebook, Microsoft and (Google owner) Alphabet commodifying data to become the dominant influence.
Predictions that more than 40 Zettabytes (or 40 trillion gigabytes) of digital data will be generated by 2020 indicate this is just the beginning. But as personal data becomes harder to earn and with the new GDPR regulation coming into force later this year, it’s set to become a key asset for competitive advantage.
"As we move into the implementation phase of regulation such as GDPR, rather than dealing with the pressure of compliance, it is likely we will see an acceleration of digital innovation and adoption among financial advisers and wealth managers.
Our predictions is that with more data being more accessible and algorithms becoming increasingly sophisticated, solutions that produce insights and decisions from data patterns will be increasingly commonplace. This will propel machine learning to new heights and deliver real AI. Check out this link to view the other themes shaping financial services."
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