CFOtech Australia logo
Technology news for Australian CFOs and financial decision-makers
Story image

Brands must reclaim trust by empowering data ownership

By Contributor
Wed 29 Jun 2022

Article by Mobiquity APAC general manager Gustavo Quiroga.

We want to keep our data private, we want more control over how and when it is used, but we also want more personalised and contextual service offerings from businesses. According to Twilio's new State of Personalisation Report 2022, 62% of consumers expect personalisation from brands, and yet only 40% trust brands to use their data responsibly and keep it safe.

The discrepancy puts both customers and businesses in a holding pattern, and brand trust is the crux of the dilemma. If customers can't fully trust businesses with our data, then how can we expect them to offer us a better customer experience?

The first step in solving this problem is to give consumers the opportunity to take back control of their data in the simplest, most frictionless way. At a high level, this is what the Government's Consumer Data Right (CDR) service aims to achieve.

The CDR promises to give Australians more choice and control over how their data is shared within the system, and it can only be transferred to businesses that are accredited to access the service. Under CDR, you can request your data from an organisation currently holding it and provide it to another business that can aggregate and offer value-added services. For example, you could take your data from your bank and opt to share it with a third-party provider such as Frollo to receive access to budgeting and personal finance management solutions.

The CDR ecosystem has already opened the door to the Open Banking regime, from which we will see many practical use cases emerge over the next few years, particularly as we add insurance and superannuation data to the mix in what is being labelled as Open Finance.

These 'Open' ecosystems are particularly beneficial for important subsets of the community, such as under-banked Australians who lack a financial data footprint or savviness and, in turn, are depriving themselves of financial services that can improve their life outcomes in a financially healthy way. Using the CDR, banks and financial institutions can leverage alternative data to support consumers with an optimal outcome.

However, simply taking control of your data in this way does not solve the problem of privacy and trust. The third party still has complete visibility of all your data irrespective of the need for it, which raises a series of concerns from savvy and trust-led consumers.

This is where Self Sovereign Identity (SSI) comes in. The SSI system turns data privacy on its head and gives control of what is shared back to the consumer. A digital version of your wallet is created where you can store any and all credentials, be it your driver's licence, passport or even education certificate.

However, this is not to be confused with a Digital ID. The key difference is that SSI is the collection of personally identifiable data attributes of that physical or digital ID, which are validated in real-time through a confidential digital verification key that is issued by an issuing authority, such as a government body.

The most obvious use case for SSI is to think about going into a bottle shop: if the cashier asks to see your ID, physical or digital, they receive access to your actual date of birth plus full name and address, when in reality, they only need proof that you are in fact over the legal age.

Over time, this could essentially lead to a case of data abuse from vendors and their employees who lack accreditation to access such information.

Whilst CDR and SSI have developed quite separately, SSI builds on the principles of the CDR in that it provides an arch that bridges from a blanket approach to data access into consumers deciding how much of that data verifiers really need to see in order to provide a product or service.

It is made possible by emerging data treatments such as Zero-Knowledge Proof (ZKP) and Decentralised Identifiers (DID). Under ZKP, you can prove something about your identity without explicitly saying what it is, for example, your age or income. While with DID, you don't have to store that proof with any particular organisation.

Sounds far-fetched? Not really. In reality, there are many organisations already offering products based on SSI, such as ConnectID from Australian Payments (previously EFTPOS). However, one of the most complete and market available offerings is Datakeeper.

Built on SSI principles, Datakeeper is a new digital wallet built by Rabobank. It's a great example of a universal digital wallet application that facilitates identification, data sharing and electronic signing in a safe, fast and secure process.

Through Datakeeper, consumers can provide vendors with validated data, such as age and income, which is safely and decentrally stored on a user's own mobile device and nowhere else.

This essentially allows consumers to rent a car or apply for a mortgage all in the palm of their hand and eliminates the need to carry additional documents.

Empowering consumers to manage their own data in the palm of their hands helps businesses restore the trust economy by highlighting the value they provide in return for precious consumer data. At the epicentre of business today, without trust, wary-eyed consumers will continue to hold their data cards close to their chest in order to retain the little control they have left.

CDR is a great initiative in principle, but as we see new innovations such as SSI emerge in parallel, it's likely they are on a path to convergence. SSI takes precedence as it provides the opportunity to secure widespread adoption across sectors and build on the CDR to support various other verticals such as retail, aviation and more, creating a seamless digital ecosystem for all businesses and, more importantly, consumers to benefit from.

Digital wallets underpinned by SSI principles will allow consumers to share what they're willing to share, and understandably those that share more will receive personalised, value-add experiences in return for their trust.

Related stories
Top stories
Story image
MarTech
CM Group recognised as Best Overall MarTech Company
MarTech Breakthrough has ranked CM Group as the Best Overall MarTech Company for the third year running and Cheetah Digital as Best Overall Marketing Campaign Management Solution.
Story image
Data
Workday research finds A/NZ organisations becoming leaders in digital agility
New research from Workday and IDC has revealed that Australia and New Zealand are becoming leaders in digital agility.
Story image
Data Protection
Safeguarding your financial data
As the digital revolution marches on, managing data security has never been more important. Here are five important steps to take toward better financial data security.
Story image
University of Melbourne
The University of Melbourne implements data ecosystem with Talend
Talend has announced that The University of Melbourne (UoM) has selected Talend Data Fabric for its cloud data platform.
Story image
Artificial Intelligence
Appier achieves historically high growth rate of 56% YoY
"Our strong momentum over the past two quarters underscores Appier's significant growth alongside our customers."
Story image
Digital Transformation
Top tips for making your finance transformation program a resounding success
Planning to make 2023 the year you embark on a wholesale finance transformation program? It’s a move that will stand your enterprise in excellent stead as you navigate the complexities of the post-Covid business landscape.
Story image
Marmalade
Exclusive: Marmalade empowers businesses to take control of their cash flow
Marmalade has been making waves in the invoicing space across Australia with its world-first invoice payments platform.
Story image
Digitalisation
Aus Steel selects SYSPRO Cloud ERP in digitalisation journey
Aus Steel has selected global ERP specialist SYSPRO to help the company drive efficiencies in its build process and improve the scheduling of its precision engineered frames.
Story image
Pure Storage
Pure Storage named leader in GigaOm report for Kubernetes storage
Pure Storage named the leader for the third consecutive year by GigaOm Radar Report for enterprise Kubernetes storage.
Story image
Neat
Workplace design a crucial factor for better employee experience - report
The key to a successful workplace could be its design, according to research from Ecosystm and Neat.
Wiise
Discover why a localised cloud ERP is the way to go for Australian businesses.
Link image
Story image
Australian Spatial Analytics
Australian Spatial Analytics expands to Melbourne
The data services provider employing neurodiverse people experiences significant growth, gearing up for national expansion.
Story image
JLL
Investment in APAC cold storage to reach $5 in next decade
Investment in Asia Pacific’s cold storage market is expected to grow fivefold in the next decade, according to JLL.
Story image
Infrastructure
IBM expands Power10 server line for business modernisation
IBM has recently announced a significant expansion of its Power10 server line with the introduction of mid-range and scale-out systems.
Story image
Australian Defence Force
Cloudera and ADF partner for e-health management system
The Australian Defence Force (ADF) has selected Cloudera as a strategic data partner to help transform its e-health management system.
Story image
Augmented Reality
TeamViewer remote access software integrated into RealWear Cloud
TeamViewer has announced a major expansion of its partnership with RealWear, a leading provider of assisted reality wearable solutions for frontline industrial workers. 
Story image
APAC
Automation to take over 63 million jobs in APAC by 2040 - report
Forrester forecasts that working populations in the five largest economies in APAC are more at risk of physical robot automation than in Europe and North America.
Story image
Cybersecurity
Datacom research explores reality of zero trust in A/NZ
Zero trust is fast emerging as global best practice in cybersecurity and local leaders are on board, with 83% considering it essential to security.
Story image
Enterprise Resource Planning / ERP
Why the right ERP (and partner) is crucial to an innovative and successful business
Enterprise Resource Planning (ERP) is a foundational step to ensuring a robust business model; here's why choosing the right one could be vital to ensuring long-term success and innovative results.
Story image
Document Management
TrustRadius gives M-Files two document management awards
TrustRadius has recognised M-Files with both a 2022 Best Feature Set and a 2022 Best Relationship award in document management.
Story image
First Nations
Google.org and INCO's $750,000 First Nations digitisation fund
INCO has launched its First Australians Digitisation Fund, with support from Google.org, to help organisations using tech to achieve better outcomes for First Nations communities.
Story image
Tech job moves
Tech job moves - Cohesity, Equinix, IDC, Proofpoint & Xero
We round up all job appointments from July 29 - August 5, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Hybrid Cloud
The essential guide to digital transformation by SolarWinds
Digital transformation is a buzzword thrown around all the time by companies, but what does it actually mean and why is it important? SolarWinds breaks it down.
Story image
Remote Working
Cybersecurity concerns higher than before the pandemic - report
BeyondTrust's new survey shows Australian organisations are more concerned about cyberattacks than they were before the COVID-19 pandemic.
Story image
Transcribe
VIQ Solutions starts contract with Queensland Courts DJAG
VIQ Solutions has started providing transcription and recording services to Queensland Courts Department of Justice and Attorney General.
Story image
Artificial Intelligence
Gartner unveils key emerging tech to watch in 2022
"Such technologies present greater risks for deployment, but potentially greater benefits for early adopters," says Gartner.
Story image
Data breach
Weak breach data disclosure laws for IP theft leaves vital Australian industries vulnerable
Infoblox has seen unprecedented levels of demand for cyber protection from companies outside of the Critical Infrastructure Act who have discovered security events and those who fear falling victim to IP theft.
Story image
Compliance
Why security needs to shape your journey to the cloud
It's estimated that 80% of workloads could be in the cloud in the next few years. How can you make all that data secure?
Story image
Data analytics
Data analytics a struggle for A/NZ healthcare organisations
A study by InterSystems has found that most Australian and New Zealand healthcare organisations struggle to use data analytics to support their business objectives.
Story image
Gartner Magic Quadrant
Gartner positions Commvault as Leader in 2022 Magic Quadrant
Gartner has named Commvault a Leader in its 2022 Gartner Magic Quadrant for Enterprise Backup and Recovery Software Solutions report.
Story image
Gartner Magic Quadrant
Gartner names Lookout a Visionary in 2022 Magic Quadrant
Gartner has recognised Lookout as a Visionary in the 2022 Magic Quadrant for Security Service Edge (SSE) and one of the top three offerings in the 2022 Gartner Critical Capabilities for SSE report.
Story image
Digital Transformation
Common challenges in the evolving digital world, and how to overcome them
Five technology challenges that will help highlight potential pain points and suggest how to circumvent or overcome them on the path to a smooth digital transformation.
Story image
Digital Transformation
Dear boardroom, please don’t put digital transformation back in the box
Australian companies are years ahead of where they would have been – a position that the country is poised to take advantage of to do great things. And one that it risks losing.
Story image
VMware
Latest VMware threat report reveals truth about deepfakes
"Cyber criminals have evolved. Their new goal is to use deepfake technology to compromise organisations and gain access to their environment."
Story image
Charity
SnapLogic teams up with meetmagic for charity and children
SnapLogic has announced its partnership with meetmagic, an online Australian platform that combines business and philanthropy.
Story image
SaaS
Exclusive: The Access Group shares the benefits of embracing SaaS
In today's rapidly changing working environments, efficiency and productivity are surefire ways to create business growth and success.
Story image
10 Minute IT Jams
Video: 10 Minute IT Jams - An update from Heidrick & Struggles
Graham Kittle joins us today to discuss how the company is helping organisations bring about change within their business.
Story image
Enterprise Resource Planning / ERP
Exclusive: SYSPRO on how ERP plays a role in Australia's manufacturing investment plan
While there is a significant drive for change, it's really down to execution, and businesses need to be prepared to find the right strategies for them to make full use of the government support.
Story image
Indusface
Why enhancing bot protection for web and API endpoints matters
The trouble with bots is that they aren’t all bad. Unfortunately, this can make it challenging to detect malicious bots that find their way into your system and threaten your business.
Story image
Payroll
Exclusive: UKG brings a people focused approach to workforce management
Managing an effective and efficient workforce is the crux of any business operation, and in today's climate, it's more than just work employers need to be aware of.
Story image
Microsoft
Microsoft, NSW partnership to accelerate digital transformation
The renewed partnership is designed to maximise the value of Microsoft solutions to various NSW Government agencies.