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JPMorgan cozies up to the fintechs
You know it’s serious when the big players step in. JPMorgan has signed a data sharing deal with Plaid, which lets banks connect with fintech businesses. Big reversal for the company, which has previously said fintechs might overstep their bounds when it comes to data. The momentum seems to be growing now…
THE TAKEAWAY:
“This agreement is a really big step forward from one of the largest banks in the country saying FinTech is a really good thing for the consumer and they want to support it.”
…and the rest of them are coming too
A bunch of banks including Bank of America, Citigroup, JPMorgan Chase and Wells Fargo have teamed up to create the Financial Data Exchange. Its goal? To help solve critical data sharing problems, including the launch of a dedicated framework. Neat.
THE TAKEAWAY:
“Our efforts will improve the efficiency and security around the exchange of financial information and empower consumers to control exactly what account data is shared with third-party applications.”
Digital ethics and privacy big for 2019
Put down your blockchain and pick up your Plato. Gartner pins digital ethics as one of the biggest conversations for 2019, particularly when it comes to creating digital strategy. This isn’t connected to any particular tech, either – it’s just about recognizing ethics as a “growing concern” for organizations and governments.
THE TAKEAWAY:
“People are increasingly concerned about how their personal information is being used by organisations in both the public and private sector, and the backlash will only increase for organisations that are not proactively addressing these concerns.”
The United Nations hosts data forum
And hey, it’s actually kind of optimistic. Robert Kirkpatrick, the director of United Nations Global Pulse, got up on stage and said data will help governments around the world achieve some of their major objectives. He also made a great point – that the lack of standards or governance in the private sector stops a lot of businesses from jumping in.
Governance, anyone?
THE TAKEAWAY:
“The whole idea is that to make public-private partnerships work, you need more than a data and technical infrastructure…you need people on the corporate side but you also need someone to own the process and start thinking strategically about what is the value, and how we can deliver it.”
Australia needs to take on UK over data sharing
The land of Oz takes after its motherland in a lot of ways, but it needs to beat the UK at data sharing. That’s according to a new take at the Australian Financial Review, (written by our own Danny Gilligan), which states the UK’s latest open banking regulations are 1: government-controlled, and 2: flawed in that they send raw data from banks straight to fintechs.
We need a different approach, Gilligan says. Who’d have thought we’d agree?
THE TAKEAWAY:
“Adopting a model, framework and technology stack that the UK fintech community has had 18 months operating experience with is the equivalent of agreeing common rail gauges between two states when only one has operating trains and the other still has their train designs in blueprint form only.”
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