Excellent talk on data trust and the future of (Open) banking

 

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I've just watched a fascinating talk on Data Trust by Design with Nathan Kinch (at #CuriousThinkers2019). It’s in the context of Australia and the CDR, but it applies across the board – not just to open banking generally but to any organisation that’s interested in consumers sharing their data.

It’s full of great stuff – you’ll need to watch it more than once to get full value – so I can only give you a quick flavour with some of the points that stood out for me:

  • Individuals don’t currently participate in information-sharing, they do it passively. Trust is low because people know they are being manipulated.
  • Regulators are forcing businesses to give more data control to the consumer, but that’s actually a boon for business. The most trustworthy organisations will end up winning their markets.
  • Organisations value what they measure. We need to step towards looking at the best possible societal outcomes.
  • Terms and conditions are fundamentally broken.
  • Data consent options include upfront consent and just-it-time consent.
  • Trust is about much more than well-meaning policies. The ethical approach has to be operationalised, with new practices embedded into the organisation.
  • The typical consumer has 200 digital relationships with organisations, so controlling consents on a one-by-one basis is too hard. Centrally-accessible consent management would transform this.
  • Information governance should be a board issue. This stuff is transformational.

(NB: Nathan will be one of our speakers at the Open Banking World Congress 2020. More details soon but if you want to save the date it's 12-13 May, Central Hall Westminster, London)