How Credit Card Companies Are Evolving with Big Data

(gualtiero boffi/Shutterstock) As overseers of our digitized marketplaces, credit card companies have a bird’s eye view of what we buy. If you want to know what American consumers are interested in, there’s perhaps no better way that to examine their purchase histories, so it’s no wonder that credit card companies, such as American Express, Capital One, JP Chase Morgan, and Citibank are at the forefront of big data mining. One of the credit card companies doing a lot of work in this area is American Express (NYSE: AXP). The 166-year-old company is a big adopter of big data tech, such as Hadoop and machine learning algorithms, to give it the data storage and computational heft needed for data mining at a massive scale. The $34-billion company selected a Hadoop platform…

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