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How big data shapes your ability to get a loan We’re sorry, this service is currently unavailable. Please try again later. Dismiss By Nina Hendy Normal text size It has never been easier for your bank to see how much you are spending. Data mining by financial institutions that provide high visibility of your spending can result in a better deal on a loan – if you are perceived as low risk. Financial institutions often scrutinize income, spending, debts, as well as credit ratings, to assess risk levels to determine if a customer is suitable for a loan. Credit: However, it is a double-edged sword. Using big data to track spending habits also raises questions about whether banks penalise customers by withholding loans for perceived frivolous spending.

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