MOUNTAIN VIEW, Calif. (12/17/12)--A new study from Intuit forecasts a future where consumers--including credit union members--are part of a "new data democracy" in which small business owners and consumers can access "big data" once available only to government and large corporations, helping the little guy make smarter, more informed decisions.
The challenge for credit unions in the future will be how to gather and present that data in a manner that adds value to members' lives.
"The New Data Democracy: How Big Data Will Revolutionize the Lives of Small Business and Consumers," was prepared by Emergent Research and is the latest in Intuit's 2020 research series.
"Big data have long been seen as a big opportunity for big business," said Brad Smith, Intuit president/CEO. "We actually think that the biggest opportunity is giving consumers and small businesses the power of data. We look forward to a new era where big data benefits the little guy."
The new report reveals three trends for consumers and small businesses, including:
- The New Data Democracy--Data will become a new vital raw material for consumers and small businesses. As access to and the ability to refine a massive volume of information into powerful analytical tools grows, data will become a new type of resource, similar to capital and labor.
- Data Empower Consumers--Data will help people navigate the maze of modern life. With people connected through the global grid and mobile devices, data will shape decisions both large and small, inform purchasing decisions, and create communities and relationships.
- Data Drive Main Street Digital--Big data will move from Wall Street to Main Street. Small business will have access to insights and capabilities once only available to corporate giants. This will provide small business with opportunities to operate more efficiently, find new customers, improve their results and drive economic growth.
"We are at the onset of a data revolution that will provide new and meaningful ways for data-empowered consumers and small businesses to connect and engage with their communities, make decisions and simplify their lives," said Steve King, partner at Emergent Research, a research and consulting firm focused on the small business sector of the global economy.
Data are the catalyst that powers innovative products to improve the lives of customers and help businesses grow, he said.