The arrival of GDPR has everyone scrambling, but the next battle looms on the horizon: some tech groups claim new, upcoming European privacy laws will make it harder than ever to innovate. Overreaction? Maybe not.
The post-GDPR age also provides companies with a challenge: how are you going to encourage users to give up their information, in return for what they perceive as a benefit? Too many companies have put off that question for too long, and GDPR is demanding an answer.
“The American Chamber of Commerce to the European Union called the legislation “overly strict.” The Developers Alliance, a trade group representing Facebook, Google, Intel and dozens of app makers, said it could cost businesses in Europe more than 550 billion euros, or about $US640 billion, in annual lost revenue. And DigitalEurope, another tech trade group, said the legislation’s prohibitive approach “seriously undermines the development of Europe’s digital economy.”
Obama calls for American data-sharing platform
Well how about that? Just after Australia announces new data initiatives like open banking and a federal data framework, former US President Barack Obama says his country should establish a consistent approach to data-sharing.
“Creating a framework that’s agreed upon, that’s transparent, that people understand, I think, is a challenge that we should welcome and do with a structured and systematic way, as opposed to in a spasmatic way.”
Australian data rights are coming quickly…
While the US plays catch up with data sharing, Australia is making good strides. The latest push? Former IBM Australia managing director Andrew Stevens takes up the interim chair of the Data Standards Body for the Consumer Data Right. A mouthful – but an important step for data democracy.
“The new Data Standards Body will be launched within the CSIRO’s Data61 division. Treasurer Scott Morrison said it will help develop “data sharing standards that provide consumers with safe, convenient, and timely methods of accessing and transferring their data to trusted and accredited data recipients.”
Open banking has a strong start
And a powerful one. A new piece in the AFR takes a look at whether banks, empowered by new data rights, could beat fintechs at their own game. Combative? Maybe. But apparently, it won’t take much to tip the scales.
“The opportunities abound. I had the head of digital at one of the big four banks tell me that a 1 per cent improvement in a key digital conversion metric could potentially help him solve his $100 million-plus a year mortgage origination problem.”
Insurance dabbles in data for the gig economy
IAG has been doing some cool digital stuff for years, but a new deal with Airtasker is particularly juicy. The two companies aim to share data to help IAG develop new insurance products suitable for people who don’t need ‘typical insurance’ for things like a house or a car.
“…task requests like dog walking, putting together Ikea furniture or taking out rubbish provided insight in the types of insurance people might need, but also how it can better cover workers participating in the so called ‘gig economy’.”
2018 Melbourne Business School Datathon – Registrations are now open!
We’re excited to partner with Melbourne Business School, SAS and AWS for the second annual MBS Centre for Business Analytics inaugural ‘Business Analytics Datathon’ event.
Held across the weekend of the 7th and 8th of July, and with $25,000 up for grabs in prize money, Melbourne Business School’s partnership with Data Republic will allow teams to analyse and combine major private and public-sector datasets, to develop and compete on data solutions aimed at improving social and economic outcomes in Victoria.
Advanced analytics software provider and Datathon sponsor, SAS, will be providing teams with access to their next generation data management, advanced analytics and visualisation platform, SAS® Viya™, to make analysis of these major datasets simple and efficient.
AWS is donating cloud credits for the Datathon, which attracted over 250 participants from 60+ teams last year.
Get involved – Register today!
Until next week,
Team Data Republic