Australian banks win a massive data battle
As Aussies start embracing open banking and a consumer data right, the banks themselves have fought for concessions – which they’ve won. A number of subsidiaries will be excluded by the first version of the laws, and there’s the possibility of charging fees for data at some point.
Though it’s not all rainbows. The banks now have requirements around the APIs used to share data, including response times.
THE TAKEAWAY:
“Most Australian banks will also be compelled to share consumer data via an API, with standards externally set by an independent standards body in less than a year under the proposed rules, a timeline that will have IT shops in the major institutions toiling up the overtime, or pleading for extensions and exemptions.”
A new Australia, built on data
Speaking of the land of Oz. Data Republic co-founder and director Danny Gilligan says the country has the ability to build itself on data – with a market that could be as big as financial services. The Consumer Data Right is a first step, but he argues more needs to be done to solidify leadership.
THE TAKEAWAY:
“We’ve got a whole lot of different components that are fundamental parts of the data economy – digital identity, KYC liability transfer, open government data, consumer data rights – and these policies are all being formed independently of each other.”
Aussie consumer watchdog on the hunt
The consumer watchdog has asked for public feedback on the upcoming consumer data right. This is a big step in actually getting the laws into place, and yet another sign that Australia is serious about advocating for privacy rights. Will other countries follow?
THE TAKEAWAY:
“The ACCC’s proposed minimum transaction data set includes the opening and closing balance of an account during a specified period, transaction amounts, dates of transactions, identifiers for parties involved in a transaction, balances prior to and following transactions, as well as descriptions and categories of transactions.”
Singapore’s data strategy fizzles
Yeah, this isn’t great. Singapore has tried to implement a new smart city strategy, but it involves tracking users – particularly on motorways – with cameras (with a bunch of other stuff too). Combine this with four, separate pieces of legislation covering Singapore citizens’ data…and it’s raised a huge number of questions about whether the city-state has completely bungled its opportunity to develop and optimize a nation built on rich information.
THE TAKEAWAY:
“A theoretical “Smart Nation” ought to maximise both efficiency and data privacy, but the actual “Smart Nation” that Singaporeans are living in is one where personal data is widely collected, inadequately protected, and easily misused.”
Spanish fashion chain uses data to skyrocket sales
It’s always good to see an investment in data work out for the better. Desigual, with 500 stores in 100 countries, has reduced “lost sales” by 2%. The answer? An app that lets staff locate out-of-stock items in other stores. If that’s not a good reason to start developing APIs of your own, what is?
THE TAKEAWAY:
“In some cases, the IT team could spend weeks building an interface between Desigual’s IT systems and an online marketplace, only for the business to cancel the project. Now, the technology allows it to develop one API and re-use it multiple times.”
Facebook severs ties with Huawei
Yeah, who can blame them? The social network has stopped a data-sharing agreement with the Chinese tech company, which dates back to 2010 before Facebook had its own mobile app. COO Sheryl Sandberg said as much in a Congressional testimony. This also comes as pressure mounts on other Chinese manufacturers like ZTE, the target of several sanctions.
THE TAKEAWAY:
“A Facebook representative confirmed to ThinkProgress that the relationship with Huawei is no longer in effect. “Huawei was definitely shut down,” the spokesperson said.”
One year later: the Equifax fallout
Geez, has it already been a year? What a mess: Equifax data leaked all across the internet, and the ramifications are still here. CNET takes a deep-dive into what happened, how it happened and the consequences, including the fact that…well, there haven’t been that many consequences.
THE TAKEWAY:
“Equifax as a company hasn’t faced many consequences. In January, Democratic senators proposed a law that would require credit-reporting agencies to protect the data they’ve amassed and pay a fine if they’re hacked. The bill never went anywhere.
Want to know how much data your apps collect?
Okay, so we all know our apps collect data on us. But…have you ever really wondered just how much? And what data specifically? Lifehacker published a fantastic infographic showing just how much information you might be willingly giving to app developers. A quick look might make you rethink your habits.
The most popular data request on Android phones? The camera. Hmm..
THE TAKEAWAY:
“Remember: most app developers are out to make a buck like everyone else – if their product is free, you need to take extra care in protecting your privacy.”
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