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Two rivers becoming one..

The rapidly swelling data river (MyData, Big Data, Open Data, structured and unstructured) and the service design river namely. 

In the Real Time Economy program (2006-) we have seen important progress towards getting financial and administrative data digitalised into structured and standardised form moving increasingly into real time. This is also making data verified and ensuring that it is used by authorised persons - ie taking away much of fraud risks.  

The main reasons for the RTE work has been to try to half the cost of administrative burden in SMEs - but also to give them real time visibility into their finance management and cut many sorts of risks. An important aspect - often forgotten is that one of the most important ways of increasing corporate (and public sector) productivity is to cut the time spent on routine task > free up work force for value creating work. 

RTE-data is also both a particulalry valuable and big source for Big Data. To take one example from Finland: The number of invoices and receipt is 2,3bn/year. When the purchase lines these contain is delivered in real time VAT reports there will be close to 25 billion purchase lines (EU would be 1750 billion) to anonymise, analyse at the MoF and interconnect to other real time big data (earnings, savings, investments etc). 

GDPR (protecting data) and (building on it - and making the data useful) with DLT and solutions like Sovrin it has become evident that now is the time to join these stream together. Service design without bringing in the needed data should become a thing of the past. To make it happen fast we should not spend so much time on trying to explain Blockchain and AI - but instead head for the top with a narrative that is easy to understand and attractive.  Namely using MyData (and adding Big Data and using AI) for life-event driven service design.  Sign the and get going - both in traditional services and for new data service providers.

It is obvious that MyFinancialData is a very important part in the following stages of services design. So now is the time to start piloting - to get the empowerment tools in place and then choose the easy cases first. Maybe just finding one missing data piece for the customer - take away the stress for those too busy to surf around - and use it also in the service for elderly who are not Internet users. Banks have the economy of trust and thus a big responsibility and opportunity here.

Exiting times - to say the least. Please join the global personally and as organisations to support this both ethical and service driving movement.  

MyData is a global community which was recently formalised as an international nonprofit organisation. Before the official establishment of the association, the community already had more than 20 local hubs on six continents.

Our mission is to promote the ethical use of personal data in all domains of business, legislation, technology, and society and to defend digital human rights.




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