Companies may offer discounts for sharing data
Uh, yes please? The Exponent has a piece exploring the idea you could save $5 on jeans because you let companies know who you are and what you do. (Not literally.) This Purdue professor thinks the latest California privacy law will result in a discount model – and it’s already happening.
THE TAKEAWAY:
“If you look at credit agencies, any sort of agency that collects information about you. How many people were familiar with Equifax? And you have Equifax, Expedia and others as well. This potentially could apply to many of them as well.”
Good data is good business…
Given the huge backlash facing big data, a counter-movement seems right on time. Gartner explores how more businesses are using data to help charitable or socially moral causes – with the added benefit that many of these projects are profitable.
THE TAKEAWAY:
“Investments in programs with positive social impact have been on the upswing, with funding increasing 33 percent from 2014 to 2016 in the U.S. and growing fourfold in Australia from 2014 to 2017. Mentions of data-for-good-related terms have also increased 68 percent on social media over the past year.”
…but peeps are still concerned
New survey alert! Roy Morgan polled a bunch of Aussies and we’re still nervous about sharing information. Old news. Here’s the new part: they admit to never really reading terms and conditions or caring that much about them. Hmm…
THE TAKEAWAY:
“Despite these concerns only around 15% of Australians claim to ‘always’ or ‘often’ read terms and conditions when signing up for online services and a majority of over 54% rarely or never read them.”
The UK schools Australia on open banking
Australia can learn from its mother country. Chris Michael, the chief technology officer with the UK’s Open Banking Implementation Entity, tells InnovationAus that we still have a fair few steps in front of us. In particular, that we need to build in time to test and validate our methods.
THE TAKEAWAY:
“If we can get a standards framework in place, probably public sector and private sector, that would unlock a lot of value in the economy.”
GDPR giving Aussie companies a nudge
All those updated privacy emails have put SMEs in gear. Exchange Wire delves into why APAC businesses need to start updating their strategy end-to-end, from marketing to deployment. We get a look in too – Data Republic chief analytics officer Steve Millward says businesses need to craft more “human” privacy statements.
THE TAKEAWAY:
“Consumers should have a clear understanding of where and how data was collected and applied to improve their experience, [Millward] said.”
Data is a currency, and marketers need to spend wisely
You mean, like Bitcoin? Not quite. This Forbes piece breaks down the data landscape over the past decade: more companies have been grabbing as much of whatever they can. The tide is turning, and marketers need to be the ones leading that change – not necessarily data professionals.
THE TAKEAWAY:
“Digital marketing professionals must begin to advocate for the customer to have more control and ensure they have the utmost safeguards and security with the data they do have. Common decency in policy and approach is much more important than any law…”
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! Contact us anytime!
Until next week,
Team Data Republic