27/08/2020 by Interview 0 Comments
Interview with Sam Seaton
Consumers are increasingly restless about the trade they have made with Big Tech: free services in exchange for personal data. They do not believe they can do anything about it, but in fact they can. What Big Tech has proved is that data is valuable and powerful. So what would happen to the balance of value and power between consumers and Big Business if consumers owned their own data? To find out, watch the Future of Finance interview with Sam Seaton, CEO of Moneyhub.
Among the questions addressed by Sam Seaton are:
- Why is data such a valuable and powerful tool in the hands of consumers?
- How will putting control of data into the hands of consumers force incumbents and other businesses to start innovating, cut prices and personalise their offerings to consumers?
- Will incumbent data-driven businesses and Big Tech businesses have to change their business models?
- Is consumer control of data simply a tool to get better products and services or is it an economically viable business model in its own right?
- Is AI up to the job of detecting valuable data?
- Are companies and sectors such as banking, energy and telecoms resisting consumer control of data?
- Many incumbent businesses (such as banks) are working with outdated and inefficient technologies. Is this a systems issue or a deliberate retardation of progress?
- What other sectors aside from banking, energy and telecoms will be transformed by consumer ownership of data?
- How do price comparison sites need to evolve to take advantage of the emerging data economy?
- Storing data with third parties and sharing data with third parties makes people feel uncomfortable. Are they right to feel concerned about the security of their data?
- What other forms of data should we expect in this data consuming economy and what controls will consumers have?
- Are digital identities a data product or a tool to maintain data privacy?
- Does the data universe need to be regulated? If so, what would the ideal open data regulation look like?
- Do we need an international body to regulate data across borders?
- Are there more reasons to be optimistic about open data now than there were five years ago?