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The secret life of data
Rowland Manthorpe@rowlsmanthorpe
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WIRED : Rowland Manthorpe : on data
John and Paul, 1966
We already live in a data economy. Soon, we will live in a data society.What does this mean
EconomicallyPoliticallyFor banking
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WIRED : Rowland Manthorpe : on data
Domesday Book
What is data?Data is information that is
CollatedStructuredAuthoritative (maybe)Accessible
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WIRED : Rowland Manthorpe : on data
Economist, May 2017
Data is valuableBut not in the same way as oil
Data is reusableData costs nothing to transportThere is no such thing as “my data”If data is released, its value disappears (unless you have copyright)
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WIRED : Rowland Manthorpe : on data
Henricus Hondius map (1630)
Data’s true value comes from the things made from it
InsightsProducts
And the best way to extract that value is to release it, free“The Spanish made extraordinary maps but did not share them.” David Rumsey, founder, David Rumsey Map Collection
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WIRED : Rowland Manthorpe : on data
Data and banking Banking is stagnant
Five banks control the marketSwitching is at 3%There’s no innovationFees are high and unfair
“Maintaining the status quo is not an option.”Financial Conduct Authority
HSBC and Barclays
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WIRED : Rowland Manthorpe : on data
Plug sockets
Open BankingThe plan: force the banks to open their data to third parties
Uses Application programming interfaces (APIs)Part of PSD2
“The revolution in the last few years is a recognition that data is valuable. But it has sat within the banks and no one gets access to it.”Imran Gulamhuseinwala, Open Banking Limited
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WIRED : Rowland Manthorpe : on data
This enables visibilityWe can see all our finances in one placeWe can know what the options for switching are
And automationWe can start to move money around automatically
“Our aim at Monzo is to build an incredibly powerful financial control centre for a billion people.”Tom Blomfield, founder, Monzo
Monzo
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WIRED : Rowland Manthorpe : on data
Vodafone
What happens next?For consumers and startups, Open Banking is great news
But it will be slowAnd may not happen
For the banks, not so muchUnless they join the game
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WIRED : Rowland Manthorpe : on data
MonopoliesData is creating new gatekeepers
Manage data flowsDetermine what data “is”
How to stop that and use data most effectively?“A standard can replace a monopoly”Imran Gulamhuseinwala
Margrethe Vestager
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WIRED : Rowland Manthorpe : on data
Chandler Riggs
SurveillanceThis isn’t just a technical fix, it’s an entirely new way of lifeIgnorance is protection. What will it mean when we can see life in high resolution?Or will people start to break the system?
