For quite some time it has been clear that data is the new oil (not the best term - as oil is consumed while data improves when used) and trust the new currency. The opportunities to improve services and productivity by new levels of AI
are immense. But how the next phase should play out concretely and how soon has to many been shrouded in mystery.
Not so anymore. A clear path to how MyData will deliver better everyday services is emerging.
The Why is obvious. As information and technology overflow has shortened attention spans a good service must address the customer’s contexts in comprehensive, automated and anticipating ways. As services experience is obtained from the
globally best, customers will expect the same also from the local – and if they do not deliver - reactions are to be expected from the growing impatient part of the audience.
The solution to this was described in the Personalisation-Now project in Nordea e-banking in 1999 as “My Next Life event”. But the technology was not there. Now it is. Mainly thanks to permissioned Block Chain, Hyperledger Indy and Sovrin based solutions.
A simple description of the future goes like this:
- You (in private or employee role – there are no corporate customers – only human) are heading for your next life event (new job, buy property, apply for financing, go to the doctor, invest, establish enterprise, enter new market etc endlessly)
- Your data-service provider (DSP) has predesigned the data-basket you need for this. AI will dynamically add and delete elements to/from the basket.
- You empower your DSP (ideally in your e-bank = strong e-id and e-signature) to go to the relevant
data storages (in public and private sectors) with your MyData “can opener.” Verification of data is a central feature but also self-claims and other softer data can be collected. The
data basket (not perhaps the best term as it mostly contain links to the data needed - where-ever it resides) for the life event is delivered.
- Your MyData basket can also include your Powers to Act on behalf of third parties – parents, children, enterprises, organizations..) and deliver your empowerment to the receiver or other parties.
- The data receiver delivers what is needed - better, faster and much cheaper
You can of course also be a robot. They also have life events and need data for them – and empowerments. A DSP can be seen as a robot – serving also a robot.
What does MyData driven services mean?
For me (and my organization): Better, faster and cheaper next-life-event designed services. Better control, privacy and security.
For the economy: Productivity boost, transparency, fair taxation etc
For enterprises: Urgent need to rethink roles – as a data provider, service provider, service receiver, (eg procurement), recruiter, potential DSP, etc
For EU: Immense opportunity to create harmonized MyData single market, make GDPR useful, drive open data model (PSD2model for all data), transparency, efficient anti-money laundering and anti-grey economy measures, an urgent need for Real
Time Economy for Europe
For the Real Time Economy: Financial Data central parts in most baskets > Boosting implementation of structured standardized data in ecosystems for e-Invoicing, e-Receipts, e-Accounting, e-VAT, e-Salary, E-taxation, Real Time Assets, E-Adress,
e-ID and e-Signing etc
For Banks: Opportunity to become trust-operators in new dimensions. Banks have what is needed – trust. Society and customers should not allow them to fail in taking their responsibility.
MyData work has already been going on for some years - and continues https://mydata2018.org. RTE since 2006 and continues here http://rte.fi/borderless/