Data portability will be key to future consumer power
Citizen-owned data initiatives are still relatively new outside of the midata eco-system, but change is coming, and CIOs of mid-sized consumer brands, not just the global players in regulated markets, will need a plan.
The UK government trailed its intention to launch a ‘smart data review’ in its green paper ‘Modernising consumer markets’ published in 2018 and is currently completing a consultation process with input from industry.
The idea is to extract consumer benefits from new technologies, particularly the use of personal data to transform the customer experience and modernise service delivery.
The financial services, energy and telecoms sectors have been at this for a while, but mid-cap companies will need a story to tell, not immediately but soon.
GDPR takes us beyond privacy concerns to a world where all of us will expect our personal data to be not only accessible but portable.
The right to data portability is one of the fundamental data subject rights in the GDPR. Essentially, it’s the right to transfer personal data from the data controller to any other organisation in an accessible machine readable format. Portability is red hot and properly transformational.
But it won’t merely be transactional – for smart companies, eventually all companies, there will need to be a real value exchange as well. You gave us your data, here it is and here’s how we’re improving your world as a result. A lot to think about, so best get on.