MyData Plenary Session 10.12.2020 Description: Over the past few years we have witnessed regulators tightening data protection laws, consumers becoming increasingly conscious of their data, industries being built around the sharing of specific data sets (e.g., open banking), and start-ups developing platforms to facilitate the exchange of data. But what does it take to scale the …
Continue reading “How do we scale the Personal Data Economy?”
Actuaries were the first data scientists. Pooled risk calculations, in the form of insurance underwriting, involved consumers implicitly consenting to their personal data being used – in return, the reduction of premium costs. Data in exchange for money. As technology advances, the data streams we are able to offer, or rather the insurers feel they …
A blue ocean email from 2006 on ‘adopting a model of information permission not surveillance’ for Norwich Union (Aviva) Insurance. Company Norwich Union Insurance (General, Life, Wealth and Auto Recovery) . Charter Develop projects to commercialize the available data Plan Hunt down all facets of customer data, and give customers transparency into what we knew, …
Continue reading “A customer dialogue that will grow into a trusted relationship”
A 2-part blog series for anyone interested in the protections that exist for customers who chose to access their financial data through third-party providers. We hope readers will come away with a clearer view of the different roles of businesses involved in open banking. Part I is about the ‘data retrievers’ — account information services …
Open Banking refers to a specific U.K. organization authorized by the Competition and Markets Authority on behalf of the U.K. government. The broader use of the term open banking refers to the set of laws, technical specifications and implementations around the world to improve the secure sharing of customer financial information, with full approval by the customer. Now, …
Continue reading “Open banking — lessons, challenges and paths forward for new banking services”
Unlike the UK, the US does not have a regulator-led open banking system, meaning that banks, data aggregators and third party fintechs have tussled over the best way to ensure customers can safely and simply share their information. JPMorgan Chase has sent fintechs a letter warning that they will be cut off from retrieving customer …
Continue reading “JPMorgan Chase gives fintechs data access deal deadline”
Top three considerations for anyone starting out: GDPR must be your guideBuild in data protection from the very beginning, and put individual rights under the GDPR front and centre. Design with the user in mind Your customer expects you to come up with a system that is straightforward, secure, and effective in achieving their goals. …
Most people would agree that we are on the verge of a significant transformation in the global economy, driven by advances in data and analytics. [..] I believe, though, that as we move into an Open Data world, combined with much better data and analytics capabilities, humans will be able to step back from many …
Continue reading “How ‘Open Data’ will tip us towards task-free era”
The revision of the payment services European legal framework operated by the Second Payment Services Directive (PSD2) deems to respond to the challenges set forth by the thriving innovation in the industry. Its aim is to allow Fintech companies and incumbent players (aka banks) to keep creating novel business models, while ensuring the enhancement of …
Continue reading “PSD2, GDPR and Banking Secrecy: What Role for Consent?”