Who owns your data tho?
Ahhhh the Facebook controversy continues. Much of anything important has already been said, but CIO brings up a great point: a lot of this scandal occurs because people don’t actually know who owns their data, or how much of it. The answer? Better transparency, better governance, and better structures around everyone’s responsibilities.
“One of the most pervasive and damaging misconceptions about data is that it’s possible for either companies or individuals to own it. We see this misunderstanding at all levels, from consumers to business executives and government officials.”
Hold your analytics horses
We’re all about data sharing in Australia lately, but the recent stuff with Facebook has made CBA a little cautious. It’s pointed to Facebook – in a Treasury submission on open banking – that data sharing needs the right governance structure in place before anyone can get benefits from it.
“The current privacy concerns surrounding Facebook’s use of customer data highlights the need for increased customer control,” the submission said.
It’s easier to buy a house! Sort of! Maybe…
Speaking of open banking: a fintech company thinks data is going to make it easier to buy a house. It’s pointed to one example of an algorithm letting lenders and brokers figure out if borrowers can meet their financial obligations.
“From a banking point of view, it’s going to mean data services like credit bureaus, income verification, expense verification, fraud, risk – all of those areas can be materially transformed either by access to data from other industry sectors or by collaborating in data sharing within the sector to solve the problems that can’t be solved today.”
Data ISN’T the new oil!
A couple of years ago, the Economist published a piece saying data was like the 21 st century’s version of oil. This TechCrunch piece has a comeback: actually, it’s not. One of the big reasons? Not all data is created equal.
“Startups and large corporations alike boast about the volume of data they’ve amassed, ranging from terabytes of data to quantities surpassing all of the information contained in the Library of Congress. Quantity alone does not make a “data moat.””
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 email@example.com!
Until next week,
Team Data Republic