Big data in healthcare, what does that mean for us?

12

October

2016

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Big data is trending. People talk a lot about the advantages and opportunities of using big data analyses. In the healthcare sector, data is also becoming much more important. What does that mean for us, the patients?

All huge tech-companies, such as Google and Apple with their health apps, are nowadays focusing on the healthcare sector. However, there are bigger projects which the consumer does not know anything about. For instance, Intel recently began co-operating with the Michael J. Fox Foundation to use data obtained from wearables to fight Parkinson’s disease. Similarly, Google is conducting research to detect cancer using nanoparticles, and Philips is introducing, in collaboration with the Radboudumc, a smart plaster which can monitor the personal information (e.g. breathing and heartbeat) continuously. The focus of huge tech-companies to use big data in the healthcare sector shows opportunities to improve healthcare.

Big data provides many opportunities for innovations which have an extreme impact on our lives. However, there is a dark side. Three main problems arise: too high expectations of big data, privacy aspects, and the risk of private monopolies on data and knowledge.

Through the big opportunities of big data, people automatically expect that big data will solve all problems concerning healthcare. However, big data analyses are not a substitute to existing research methods yet. For example, correlations in large datasets might arise, which may not be causal or relevant. To judge the value of these correlations is still tough.

Additionally, it remains unclear to whom the data belong. Should this be the patient himself , the hospital, or the company which analyses the data? Currently, the boundaries are blurred. Some of the data belong to the patient and other data belong to the healthcare. When healthcare really implement big data analyses in their strategy, they have to secure the dataset to avoid data leakages.

Lastly, relating to privacy aspects people do not know which companies provide personally data. With the introduction of consumer-eHealth, more and more data is being uploaded to the cloud. This information may contain sensitive information, for example about measurements of blood pressure, photos of suspicious spots on the skin, and information concerning physical exercise. These data are very interesting from a commercial perspective. However, the question that remains is: who may have access to this sensitive information? Because of the huge market share of companies such as Google, Apple, and Philips, there is a high likelihood that such companies have your personal data.

The extent to which these issues will be problematic in the future remains unkown, but one thing is for sure: big data will have a big impact on healthcare.

How do you think about big data in healthcare?

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Fintech: are banks becoming superfluous?

9

October

2016

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Times of economic crisis, fraud, unrealistic promises and enormous bonuses for bank directors have caused a bad image of banking. However, this crisis situation has also contributed to several positive developments. Hard times often provide innovation and creativity.
The turbulent economic developments in combination with the digitalization has introduced a totally new market for financial services, called FinTech. FinTech is a collective name and abbreviation for technological innovations and applications in the financial services area. This small market is controlled by small innovative start-ups which give the financial market a new boost. The new thinking of these start-ups provides new ideas to make arranging finances easier, more reliable and much cheaper. The remaining question is: are banks becoming superfluous? The expectation is that the emergence of FinTech will deem thousands of jobs unnecessary. Consumers prefer to pay quickly and anywhere they want. They prefer transactions with their smartphone rather than a visit to the bank.
FinTech provides not only a reliable overview of the financial position of the consumer but I expect that in the future they will also provide a customizable platform which, through algorithms and machine learning, evaluates the financial position and activities of the user. With these outcomes they can offer advice about the customer’s financial position.
US investment banks like Goldman Sachs and JPMorgan Chase invest billions of dollars in US FinTech companies. I think this is a clear indication that FinTech companies are slowly becoming a major player in the banking world. FinTech businesses could be really disruptive to banks. In response to this trend, banks and insurance companies have to renew their business models to stay sustainable competitive. In the coming years we will see whether there really will be a transition of traditional banking into FinTech innovations. One thing is for sure, The impregnable position of the traditional bank will be threatened in the upcoming years.

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