Why business-led data monetisation is a mere stepping-stone to the consent to share end game
By: Stuart Lacey
Financial organisations the world over are clamoring to find ways to mine and use customer data; which, in turn is giving rise to consumers becoming more aware of how their data is tracked and used. Consumers are comfortable trading spending history for a free service, but are beginning to question why a taxi company such as Uber should have access to family holiday photos.
This raised level of awareness will require a whole new business model to emerge to address the use of personal data. The consumer will be at the core of that business model. Yes, consumers will be monetising their own data.
Regulation, public policy and consumer demand will soon collide in an epic battle around the sovereignty of data and consent to share. The next trillion dollar industry is one in which new solutions come to market that enable consumers to digitally manage and share their identifying information across a number of industries and verticals.
Now is the time to start standardising these solutions. Our own technology is built to give customers ultimate control of their personal data, which in turn empowers them to give financial institutions the permission to access critical information for account openings and transactions.
Trunomi believe that this standard will quickly become the minimum level expected from consumers. How the industry will respond is yet to be seen, but one thing is for certain — however readily it is embraced, data privacy will shape the future of FinTech. Instead of a disrupter, we sees ourselves as a reinventor.
Editors Notes: This entry has been submitted to the FINTECH Book, the world’s 1st globally crowd-sourced book on FINTECH. Readers that enjoyed this innitial abstract are invited to share and like it so that it may be featured in a longer version that will published in the FINTECH Book due to be released November 2015.