Monday, October 12, 2015
The advantage of "big data"............
The question arises: now that gasoline is so much cheaper than several years ago, what is happening to the extra money in consumer wallets (estimated at an average of $700 per year)? The conventional wisdom has been that we are paying down debt or saving. Not so fast, says Chase:
"The J.P. Morgan study sifts through data from 25.6 million holders of Chase credit or debit cards, allowing a more detailed look at spending habits from near the end of 2013, when gasoline prices were high, to early 2015, when they had bottomed out."
I would say that having access to the financial behavior of 25.6 million people, and having the computing power to make sense of it all, constitutes a significant advantage. For the record, Chase's computers believe we are spending most of the "windfall."
Back story here.