Mandated Open Banking APIs & Productivity Commission:
The hottest topic this week has been the aggressive mandate set forth by the parliamentary inquiry into banks for the creation of an open access regime for customer data. The inquiry findings, delivered late last week, recommend that banks make customer data ‘portable’ through the delivery of ‘a binding framework to facilitate data sharing via APIs’ by July 2018.
The parliamentary committee report has received a mixed response from Australia’s banks with many noting the disparity between the findings of the parliamentary inquiry and the recommendations delivered in the Productivity Commission’s recent draft report into ‘Data availability and use’. Westpac, NAB and ANZ have come out in broad support of providing ‘open access’ to data for customers, provided the appropriate data governance and security standards can be developed and applied to all parties involved in data sharing.
Productivity Commission Chairman, Peter Harris, has warned against rushing into the technology-based laws mandated by the parliamentary inquiry – instead supporting broader legislative reform which would enshrine long-term standards and principles for data use across Australian society.
The Productivity Commission is set to finalize its report recommendations by the end of the year and Data Republic CoFounder & CEO, Paul McCarney was invited to speak at the public hearings in Sydney on Monday.
News on Australian data breach disclosure laws:
Australia’s controversial new mandatory data breach disclosure laws have been brought before the Parliament again this week. The proposed legislation would give Australia some of the strictest disclosure rules in the world and have attracted criticism from bodies like Data Governance Australia who argue that there may be a heavy compliance burden on Australian business. However, the legislation is almost certain to pass as it has support from both sides of politics. We’ll keep you updated.
In other news:
Controversy continues to swirl around China’s proposed ‘Social Credit System’ which would see big data used to track, score and reward citizens based on their social behaviours. The system is currently being trialled throughout select provinces but many question whether this is the next data evolution of society or the beginnings of an Orwellian nightmare. We’ll leave it to you to check out the video and decide for yourself.
Finally, for a something a little fun:
Carin Fishel, a Seattle-based UX designer for Tableau has everyone talking about the science of data in dating this week, having shared the results of her own personal data analysis of over two years’ of dates.
The findings may not be that surprising but we loved Carin’s approach and the idea of personal data projects.
Until next time.