Employing Data to Deliver on the UN's SDGs
The unrealised potential for data to serve fertile, yet dormant, use cases is limitless. Therefore, empowering the reclaiming and repurposing of data is paramount if data is to lead to all people living in peace and prosperity. This endeavour has not progressed due to the entities holding data being unwilling to exchange data over concerns around data protection and security or the prioritisation of the desire to capture direct returns on investment.
Others may also be reluctant to share data in hope they gain market power or competitive advantage. In financial services, this has not been the case. With the second Payments Services Directive or PSD2, banks are required to open access to data and share with other organisations. This has increased transparency of pricing, improved security through authentication and verification and encouraged banks to use application programming interfaces (APIs) for this disclosure of information. This shift to a digital economy will continue and will result in an attraction to a platform where financial data can be used to offer value-added services to other industries.
One example would be open finance, an API-enabled offering, now facilitates the sharing of financial products, data, and services between independent parties, going beyond the regulatory requirements set out around open banking. By utilising APIs, financial institutions can implement open finance solutions to offer people greater product choice and control over their finances and data.
Repurposing different types of data can amplify the impact of data on economic, environmental, or cultural development, can help fill information gaps and cultivate new perspectives. However, the world is behind schedule on achieving the United Nations’ Sustainable Development Goals.
This report will focus on specific targets, however, not all, and consider how environmental, social and governance (ESG) data can be utilised by financial institutions and fintech firms to achieve the SDGs and ensure global communities can migrate to a circular global economy.
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