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Financial technology has often been touted as revolutionary for financial services. The promise of financial technology can be ascribed to a handful of key ideas: cloud computing, smart contracts on the blockchain, machine learning/AI, and finally—big and alternative data. This chapter focuses on the last concept, big and alternative data, and unpacks the meaning behind this term as well as its applications. We explore applications to various domains such as quantitative trading, macroeconomic measurement, credit scoring, corporate social responsibility, and more.