Bigs Quote by Jamie Dimon
“Let's look at lending, where they're using big data for the credit side. And it's just credit data enhanced, by the way, which we do, too. It's nothing mystical. But they're very good at reducing the pain points. They can underwrite it quicker using - I'm just going to call it big data, for lack of a better term: "Why does it take two weeks? Why can't you do it in 15 minutes?"”
About This Quote
Source Conference: Financial Services Forum, 2018, keynote speech
Big data stream credit underwriting, cutting processing time from weeks to minutes, but the term is vague.
In simple terms: Big data speeds up loans, but the label is unclear.
Key Takeaway
Adopt clear terminology for tech in finance.
Themes
financial technology
big data
credit underwriting
process efficiency
industry jargon
Mood
pragmatic
critical
Type
business
technology
When to use this quote
- loan approvals
- banking operations
- customer service
- regulatory compliance
Key Concepts
data analytics
risk assessment
automation
Questions to Reflect On
- What risks arise from rapid automation?
- How can transparency be improved?
A Different Perspective
Overreliance on data may overlook human judgment.
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