Big Data Mining learns a lot by studying consumer emails
For Macquarie, diving into the big data pool was an eye opening experience. What they ultimately found was that quantitative investment methods with alternative data are best used when combined with fundamental analysis, not in replacing human analysis.
For their study, Macquarie worked with email receipt data provided by Quandl, a platform for financial data. The company scans numerous niche information sources including millions of email inboxes where receipts of consumers can be found. This provides insight into transaction level information such as product description, taxes paid and shipping accounts all from artificial intelligence scans of their email accounts. The data is updated weekly and covers a wide variety of e-commerce platforms.
From Macquarie’s standpoint, transforming the raw transaction data into tradable information was no small task, but the exercise proved meaningful.