This Week in Data – April 27

Europe’s love for privacy might stop it from obtaining AI

Those new European privacy regulations are on their way, and whether you agree with them or not – things are about to change in a massive way. But as this article points out, that same emphasis on privacy might stop European nations from being competitive in the race for AI.

THE TAKEAWAY:

“With rules on accessing the data that fuels machine learning algorithms becoming stricter in Europe, the continent lacks the natural advantage of China, where “it’s easier to work with data.”

…but Europe is changing the way it shares data

Hey, at least things are getting better? Despite privacy being more ingrained there than other countries, European nations are still making massive improvements in how they share data. These new rules will make it easier for law enforcement to get their hands on critical information.

THE TAKEAWAY:

“Ideally, this will smooth over a process that was so slow and unwieldy that it’s lead to conflict between US and EU authorities.”

Your customers are more important than data

Seems obvious, but sometimes…it isn’t. This CIO article has a deep-dive on how Australia is in a key position to lead the way when it comes to not only sharing data to drive economic activity, but doing so in a way that respects the privacy of customers – and delivers them massive value.

THE TAKEAWAY:

“The ethical use of customer data is a fine balancing act…One method that Australian businesses can employ, is to use technology platforms to process data distribution or particular requests ‘without seeing the original data’ using special forms of encryptions that allow computation over encrypted data.”

Has Facebooked screwed the banks?

Kinda? Sorta. The Cambridge Analytica fallout continues to impact businesses, and this time the banks are taking issue. The Global Banking and Finance website has a pretty sobering takeaway: banks need to act now, or risk losing customers’ trust more than ever.

THE TAKEAWAY

“For banks, and in fact any company handling consumers’ personal data, making consumer consent a central part of their strategy has never been more important.”

Can privacy actually be a service for banks?

Speaking of banks, there’s an opportunity that comes from all this Facebook discussion: the bank that has the better privacy protections can gain customers. Banking Exchange delves deep into the idea that privacy can work as an actual selling point.

THE TAKEAWAY:

While not without their own challenges, banks are viewed as consumers’ best ally on the data privacy front. Who is better positioned to address this urgent consumer need for enhanced data privacy control and protections?

Save money by sharing your driving data

Well, that’s Hyundai’s pitch anyway. The manufacturer is partnering with a data firm: the more information you share about how you drive, the more deals it can offer you on insurance. Some insurance companies have been doing this for years, but this may be the start of a major push with manufacturers.

THE TAKEAWAY:

“Owners who opt into the program will get a Verisk Driving Score based on their driving behavior. If drivers demonstrate low-risk behavior, or just don’t drive that much, they may get a lower insurance rate.”

That’s our wrap for this week. Thanks for reading – we hope you found it entertaining and informational. We’d love to hear your thoughts on these articles and anything else data related! Email us anytime at enquiries@datarepublic.com!

Until next week,
Team Data Republic

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