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KuCoin Hack: We Never Learn Our Lessons - CDO

KuCoin Hack: We Never Learn Our Lessons - CDO | The MarTech Alert | Scoop.it
On September 26, cryptocurrency exchange KuCoin issued a statement that it experienced a ‘security incident’. At that point, some USD 150 million in BTC (bitcoin), ERC-20 (ethereum-based tokens), and other cryptocurrencies were estimated to be stolen. 

Over the next couple of days, that amount had grown to USD 280 million, effectively making the KuCoin hack the third-largest crypto hack. Only Coincheck, which suffered a USD 534.8 million hack in 2018, and Mt. Gox, which lost USD 460 million in 2014 to another hack, were ahead in terms of loss.

According to Johnny Lyu, KuCoin’s chief executive officer, the funds were emptied out of KuCoin’s hot wallets. The assets in their cold wallets “remained safe and unharmed.” Hot wallets are used as temporary storage systems for assets that are being traded on exchange platforms and are often a point of weakness in the security architecture of exchanges. 
CYDigital/marteq.ios insight:

Why would they store so much in hot wallets? FWIW: cold wallets is the path to take when you're using crypto as your digital reward system.

 

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Future Proofing Your Brand Through Brand-Owned Communities

Future Proofing Your Brand Through Brand-Owned Communities | The MarTech Alert | Scoop.it
In 2020, consumers were empathetic to brands trying to adjust. By 2021, we shouldn't be surprised when consumers become frustrated at businesses that haven't adapted. According to that CMO survey, 84% of consumers are placing an increased value on digital experiences. With the disruption at retail, e-commerce is a digital experience that has likely seen a permanent shift. This means many brands will be competing head-to-head with robust marketplaces like Amazon, Target and Walmart.

This is a challenging feat and highlights the importance of developing relationships beyond transactional behavior. Brand-owned communities offer a world of digital experiences to consumers. From content to discussions to personalized offers and messages, a brand-owned community elevates all other digital experiences and provides an advantage unique just to you. 

Communities offer brands access to zero-party data — data that is proactively given and explores things like values, preferences and lifestyle. Capturing zero-party data is the first step to creating experiences that resonate. Often times personalization efforts can cross the line into being viewed as a little creepy. However, when a consumer shares something about themselves proactively, and the brand, in turn, offers an experience aligned with that information, it's not creepy — it's helpful and responsive. 
CYDigital/marteq.ios insight:

Zero party data drives trust, communication and responsiveness...all leading to higher revenue streams.

 

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Predictions 2021: Privacy Becomes An Imperative In A Year Of Transition - Forbes

Predictions 2021: Privacy Becomes An Imperative In A Year Of Transition - Forbes | The MarTech Alert | Scoop.it
Three privacy-related trends will underpin this transition: 1) an ever-increasing appetite to collect, process, and share sensitive personal data from consumers and employees; 2) despite the recessionary economy, values-based consumers will increasingly prefer to engage with and entrust their data to ethical businesses; and 3) regulatory and compliance complexity in relation to data privacy will increase further.

Against this scenario, for 2021, Forrester predicts that:

Regulatory and legal activity related to employee privacy will increase 100%. 
One in four CMOs will invest more in technology to collect zero-party data. 
CCPA 2.0 will pass and spur the introduction of federal privacy legislation in the US. 
CYDigital/marteq.ios insight:

We've been telling anyone that would listen that this is around the corner. It's happening right now, under our noses. You're going to need to embrace ZPD and data privacy: do it in one action (us).

 

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5 of the Best US Regulated Crypto Exchanges - Crypto Daily™

5 of the Best US Regulated Crypto Exchanges - Crypto Daily™ | The MarTech Alert | Scoop.it

Cryptocurrency traders can now operate on exchanges that have gained full regulatory compliance with US lawmakers. While renegade exchanges continue to operate outside the purview of US regulations, these platforms now find their days to be increasingly numbered. Here are five fully compliant US cryptocurrency exchanges where you can trade without fear of running foul of the law:

  • Coinbase
  • Gemini
  • CoinZoom
  • bitFlyer: has the unique distinction of being the only cryptocurrency exchange licensed to operate across the board in the US, Europe, and Japan. 
  • Kraken
CYDigital/marteq.ios insight:

As marketers transition to the use of cryptocurrency as digital rewards and promotions, you'll want to be aware of these 5 exchanges.

 

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The blockchain revolution is already here, say Alex and Don Tapscott - CoinTelegraph

The blockchain revolution is already here, say Alex and Don Tapscott - CoinTelegraph | The MarTech Alert | Scoop.it
According to tech evangelists Don and Alex Tapscott, blockchain technology will prove itself the most disruptive technology of the next decade.

“We now have an Internet of value that can give us another opportunity to rewrite the economic power grid and the old social order”, said Don Tapscott.

However, Tapscott senior underlines that it will take a while to transform established, multi-trillion dollars industries, such as the supply chain and financial transaction sphere.

Even so, Alex Tapscott pointed out that successful blockchain use cases are already gaining traction. For instance, he mentioned that stablecoins are already having a significant impact on remittances and cross border transactions.
CYDigital/marteq.ios insight:

The Tapscotts have online courses available on the subject of blockchain and crypto. I believe Coursera offers these courses should you be interested in learning more.

 

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Why the 'Trust Economy' should drive pizza brand marketing strategy | Pizza Marketplace

Why the 'Trust Economy' should drive pizza brand marketing strategy | Pizza Marketplace | The MarTech Alert | Scoop.it
A quick Google search of "pizza chain data breach" will bring up numerous articles about brands that have faced or are now facing privacy scandals. Because data breaches are more commonplace than ever, consumers are also more protective of their own data.

Brands must put the right privacy policies in place that allow for the responsible management of customer data and request consent for data usage.

Once customers are interested in what a pizza brand is offering digitally, zero-party data can be collected. This is done by offering value in exchange for data, such as preferences, interests or intent.

In a 2020 survey, nearly 90% of consumers said they would be willing to share their data with a brand in exchange for discounts, coupons, loyalty points or rewards. With this data in hand, personalized content can be created for customers that will help build connections that result in lifelong loyalty.
CYDigital/marteq.ios insight:

Zero-party data applied to this (huge) vertical.

 

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Former BitLicense Chief to Manage Andreessen Horowitz’s Cryptocurrency Efforts - Coindesk

Former BitLicense Chief to Manage Andreessen Horowitz’s Cryptocurrency Efforts - Coindesk | The MarTech Alert | Scoop.it
The one-time New York State finance regulator who shepherded the state’s BitLicense through its early days will join tech ventures fund Andreessen Horowitz (a16z) to focus on cryptocurrency companies.

CYDigital/marteq.ios insight:

A shrewd move to place the fox into the henhouse. What does this tell you about crypto?

 

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JPMorgan Chase Rolls Out Digital Coin and Creates New Unit for Digital Currencies - citybizlist

JPMorgan Chase Rolls Out Digital Coin and Creates New Unit for Digital Currencies - citybizlist | The MarTech Alert | Scoop.it
JPMorgan Chase (NYSE:JPM) is making a lot of progress on its digital currency initiatives. The bank is reportedly set to put its own digital currency, the JPM coin, to use this week for the first time, while also creating its own division to oversee all crypto and digital currency initiatives, according to media outlets.

A large technology client will use the JPM coin to conduct global payments activity, according to Takis Georgakopoulos, the bank's global head of wholesale payments. Georgakopoulos, according to CNBC, also said the new digital currency division will be called Onyx and have more than 100 employees.

"We are launching Onyx because we believe we are shifting to a period of commercialization of those technologies, moving from research and development to something that can become a real business," Georgakopoulos said.
CYDigital/marteq.ios insight:

Atop the recent PayPal and Toyota announcements, more normalization of crypto!

 

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Why Customer Journeys Are the Key to Getting Personalization Right - CMSwire

Why Customer Journeys Are the Key to Getting Personalization Right - CMSwire | The MarTech Alert | Scoop.it
Understanding your customer’s entire experience with your organization from their viewpoint is critical to improving personalization. Meaningful personalization needs to account not only for the customer’s current, or even most recent, interaction, but also for every step of the customer’s journey that led them to the current touchpoint, whether it be a service call, mobile payment or transaction.

Only by managing customer journeys will your organization be able to use each customer’s complete experience to determine how to interact with them as they move across channels to achieve their goals.
CYDigital/marteq.ios insight:

Without touchpoints from digital properties outside of your purview, it's difficult to capture the complete experience. But we have the solution to that.

 

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What Tech Companies Need to Know About the SAFE DATA Act - Security Boulevard

What Tech Companies Need to Know About the SAFE DATA Act - Security Boulevard | The MarTech Alert | Scoop.it
This law would expand what’s considered sensitive data and include enacting data security standards to accompany data privacy standards. It would create rights to transparency, access, deletion, correction, and portability and require opt-in consent to process or transfer “sensitive covered data.” Under this law, businesses would need to name privacy and data security officers within their firms and meet “reasonable” and “appropriate” data security requirements. 

It’s important to note a couple of additions to the new SAFE DATA Act bill. This bill introduces an algorithmic ranking system to determine how content can be presented to consumers. It also establishes regulations for the “manipulation of user interfaces”, which prevents deceptive UIs from coercing customers into giving up personal data. 

The SAFE DATA Act would be enforced by the FTC and state attorney’s general, take precedence over state privacy laws, such as CCPA, and would not include a private right of action. These last two are partisan contention points, differing drastically from Democrat Maria Cantwell’s competing bill of the previous year. 

The SAFE DATA Act has drawn criticism for a perceived weakness: It collects data on a notice-and-consent basis. Many feel it lacks bite because companies can collect whatever data they want, providing it’s disclosed in their privacy policy—the one most people never read.
CYDigital/marteq.ios insight:

If the Senate flips, this bill will not happen. If the presidency flips, this bill will not happen. Why on both? It just doesn't protect the consumer.

 

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Forrester releases privacy and cyber security predictions for 2021 - Information Age

Forrester releases privacy and cyber security predictions for 2021 - Information Age | The MarTech Alert | Scoop.it
Zero-party data collection will provide marketing opportunities
With third-party cookies falling out of favour, 25% of CMOs will look to invest in consent and preference management in 2021.

This will allow for contextually relevant, zero-party data collection, and allow marketing teams to manage consent, including opt-out and do not sell, and customers’ preferences.

Additionally, this kind of technology could improve data insights and help to enhance customer experience (CX).
CYDigital/marteq.ios insight:

That's right: 25% of CMOs will invest in a system such as ours! Get on board!!

 

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Summary of “What Comes After Third-Party Cookies?” Guide from OneTrust - The Drum

Summary of “What Comes After Third-Party Cookies?” Guide from OneTrust - The Drum | The MarTech Alert | Scoop.it
As third-party cookies go away, businesses should shift their strategy to collect data and identify personalized preferences. This allows businesses to build trust while providing the control and personalization consumers want. But what are the steps to building this new strategy?

First, there needs to be a shift in three main areas: audience, brand, and reporting. For marketers, publishers, and advertisers alike, it’s important to think about privacy and building trust with audiences in a way that impacts the KPIs with which they’re tasked.

Next, in order to establish trust and transparency with customers moving forward, marketers, publishers, and advertisers will need to build an internal privacy strategy. This consent and preferences strategy should aim to achieve five goals: put users in control, have an opt-down strategy, show custom preferences and profile data, monitor engagement insights and analytics, and sync with marketing and IT systems.
CYDigital/marteq.ios insight:

More info on how we're all impacted by the loss of 3rd party cookies (and good riddance). The paper is available behind a reg form. 

 

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Toyota Systems experimenting with blockchain, digital currencies - Ledger Insights

Toyota Systems experimenting with blockchain, digital currencies - Ledger Insights | The MarTech Alert | Scoop.it
Today Toyota Systems, a wholly-owned IT subsidiary of Toyota Motors, said it is experimenting with blockchain and a white-labeled digital currency solution from Decurret.  

Initially, the experiments involve automating payments with the branded digital currency to its 2,500 staff. The payments are for welfare benefits, which employees can then exchange for welfare points or gifts from a catalog created explicitly for the digital currency trial. The company was keen to emphasize the currency cannot be exchanged for Yen. 

The aim is to test the scalability and business challenges for payments to a significant number of people. But the end game is not to use it for welfare payments. It’s part of a longer-term vision of how mobility might evolve. 

After the employee payments trial, it’s envisaged that the branded digital currency may next be used within its supply chain and for business-to-business transactions.
CYDigital/marteq.ios insight:

Toyota's move into crypto. This, and PayPal. It's happening.

 

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How PayPal’s approach to crypto payment breaks with precedent - PaymentsSource

How PayPal’s approach to crypto payment breaks with precedent - PaymentsSource | The MarTech Alert | Scoop.it

"Unlike certain other payment networks working with third parties to enable cryptocurrency transactions, PayPal users will be able to buy, hold, sell and make purchases at 26 million merchants with cryptocurrencies directly from their PayPal account, the San Jose-based company announced on Wednesday.

 

PayPal also said it has obtained a conditional Bitlicense from the New York State Department of Financial Services, which could open additional doors for PayPal. The conditional Bitlicense allows companies like PayPal to partner with already licensed companies — Paxos in this case — to bring services to market more quickly, a PayPal spokesperson said by email.

 

PayPal’s move to enable cryptocurrency transactions is a significant turning point for crypto to finally begin to leave the shadows and go mainstream."

CYDigital/marteq.ios insight:

More on the PayPal move into crypto. Watch for further moves by PayPal to expand its footprint, possibly even become an exchange. Two things happening: (1) PayPal legitimizes crypto; and (2) Competitors will also enter the space.

 

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Martech 2030: Five Trends in Marketing Technology  - Chief Marketing Technologist

Martech 2030: Five Trends in Marketing Technology  - Chief Marketing Technologist | The MarTech Alert | Scoop.it
But we believe each of these patterns will grow exponentially over the next 10 years, redefining the very nature of marketing technology and operations:

“No Code” Citizen Creators
Platforms, Networks & Marketplaces
The Great App Explosion
From Big Data to Big Ops
Harmonizing Human + Machine
CYDigital/marteq.ios insight:

The white paper is free to download: no reg wall. Go for it.

 

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Now you can enforce your privacy rights with a single browser tick - Ars Technica

Now you can enforce your privacy rights with a single browser tick - Ars Technica | The MarTech Alert | Scoop.it
Under the hood, the specification, known as Global Privacy Control, works pretty much the same way Do Not Track did. A small HTTP header informs sites that a visitor doesn’t want their data sold. The big difference this time is the enactment of the Consumer Privacy Act in California and, possibly, the General Data Protection Regulation in Europe, both of which give consumers broad rights over how their private information can be used.

CYDigital/marteq.ios insight:

Actually, it's not the CCPA. It's the forthcoming CPRA, which has the teeth necessary to enforce privacy rights. But there's a much better solution...and less expensive.

 

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US Ecommerce Growth Jumps to More than 30%, Accelerating Online Shopping Shift by Nearly 2 Years - eMarketer

US Ecommerce Growth Jumps to More than 30%, Accelerating Online Shopping Shift by Nearly 2 Years - eMarketer | The MarTech Alert | Scoop.it
The pandemic has accelerated ecommerce growth in the US this year, with online sales reaching a level not previously expected until 2022. In our Q3 US retail forecast, the top 10 retailers by ecommerce sales will tighten their grip on the retail market.

CYDigital/marteq.ios insight:

Mind-boggling. And there's no turning back.

 

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Research shows mature data privacy programs have greater benefits | 2020-10-23 | Security Magazine

Research shows mature data privacy programs have greater benefits | 2020-10-23 | Security Magazine | The MarTech Alert | Scoop.it
Respondents understand the significant benefits of a mature privacy program as organizations experience greater gains across every area measured including: increased employee privacy awareness, mitigating data breaches, greater consumer trust, reduced privacy complaints, quality and innovation, competitive advantage, and operational efficiency. Of note, more mature companies believe they experience the largest gain in reducing privacy complaints (30.3% higher than early stage respondents).
CYDigital/marteq.ios insight:

Links to the full study are available when you click-through. Suffice it to say that the benefits from an excellent data privacy program are numerous...and there's a very simple means to enact data privacy. Ask me.

 

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U.S. marketing automation software market share 2020 - Statista

U.S. marketing automation software market share 2020 - Statista | The MarTech Alert | Scoop.it
CYDigital/marteq.ios insight:

Hubspot has a solution for every size of business. FWIW: there are so many MA solutions out there.

 

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Martech Platform Epsilon is Being Transformed by Publicis Groupe - Martech Cube

Martech Platform Epsilon is Being Transformed by Publicis Groupe - Martech Cube | The MarTech Alert | Scoop.it
Helping clients build first-party data and take back control of their customer relationships Building on a fast integration within the Groupe to create the product suite Epsilon PeopleCloud, already embedded in over half of Publicis Groupe's top 30 accounts Uniquely positioned for a cookie-less world with CORE ID, the industry's most stable and accurate identity offering, leveraging more than 200 million profiles
CYDigital/marteq.ios insight:

But it's not zero party data, and that's the real solution in the age of data privacy.

 

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Europe Predictions 2021: Protecting Personal Data Remains A Priority In The EU - Forbes

Europe Predictions 2021: Protecting Personal Data Remains A Priority In The EU - Forbes | The MarTech Alert | Scoop.it
Organisations will invest more on technology to collect zero-party data. Digital advertising is on the brink of major, systematic changes. Values-based customers increasingly look to share their data with companies that embrace privacy as a value and treat data ethically. On top of it, the death of the third-party cookie forces companies to focus more on collecting data directly from customers and rely less on more risky third party data. In 2021, CMOs will start to make strategic revisions to their ecosystem and will increase their capabilities to collect zero-party data. CMOs must partner with their security, risk, and privacy peers to select the right technology and craft processes that adequately support their objectives. 
CYDigital/marteq.ios insight:

I pulled the portion related to zero party data. This is on the EU side, but know that this is coming to the US. 

 

With the death of 3rd party cookies, we have the answer.

 

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What leading consultants say about the usage of AI in marketing - ClickZ

What leading consultants say about the usage of AI in marketing - ClickZ | The MarTech Alert | Scoop.it
  • As per an article by McKinsey & Company, organizations introducing technology to sales can find ways that deliver double-digit gains in return-on-investment. Automation is possible in 30% of sales activities.
  • A study co-sponsored by EY in 2020 revealed that 85% of participants have already implemented AI within their organizations and expect to use AI for new use cases in the coming years.
  • As per a recent survey by Nielsen, 51% of global consumers are willing to try artificial intelligence and virtual reality technologies to assess products and services.
  • As per PwC, AI will contribute up to US$15.7 trillion to the global economy by 2030.
CYDigital/marteq.ios insight:

There are some excellent data points when you click through.

 

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Truist's New CMO Has Strong Views on Fintechs and Personalization - The Financial Brand

Truist's New CMO Has Strong Views on Fintechs and Personalization - The Financial Brand | The MarTech Alert | Scoop.it

One hot button in financial marketing that Vinoo Vijay, new EVP and CMO at Truist regards with care is personalization. It’s one of the profession’s current darlings, and Vijay says that while he gets it, and believes it can be very relevant and important to customers, the sheer ability to hyperpersonalize can lead to wasted time and effort.

“You can overuse it, even abuse it, in ways that are not useful,” he says. Nowadays it is possible to personalize a message down to specific wordings, illustrations and more.

“You can start getting crazy uber-optimization,” says Vijay. “There comes a point where you are no longer doing a service for the client and not doing a service for conversion either.”

CYDigital/marteq.ios insight:

I think it's worthwhile to differentiate personalization: there's personalization of the message, which has its role in commerce, and there's personalization of the product/service, which should be the marketer's goal. If the marketer can deliver the right product/service at the right time to the right person, then that's personalization.

 

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Amazon will pay you to know what you bought somewhere else – RetailWire

Amazon will pay you to know what you bought somewhere else – RetailWire | The MarTech Alert | Scoop.it
Amazon.com wants greater insights into what its customers are purchasing and it is willing to pay for the information.

The e-tailing and technology giant has launched Amazon Shopper Panel, an invitation-only program that allows participants to earn monthly rewards by sharing receipts of purchases made outside of its website and retail stores.

Participants in the program are asked to upload photos of 10 eligible receipts per month taken with the Shopper Panel app. Alternatively, they can forward email receipts to Amazon. Additional rewards are available when participants fill out short surveys. Amazon customers can earn up to $10 a month that can be applied to their balance on the site or donated to charity.
CYDigital/marteq.ios insight:

If you doubt B2C companies are unwilling to pay for the consumer's data, see Amazon. And if you doubt consumers will be unwilling to provide their data, see this program as well as all the supporting research.

 

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People Want Data Privacy but Don't Always Know What They're Getting - GovTech

People Want Data Privacy but Don't Always Know What They're Getting - GovTech | The MarTech Alert | Scoop.it
Differential privacy can be used to protect everyone’s personal data while gleaning useful information from it. Differential privacy disguises individuals’ information by randomly changing the lists of places they have visited, possibly by removing some locations and adding others. These introduced errors make it virtually impossible to compare people’s information and use the process of elimination to determine someone’s identity. Importantly, these random changes are small enough to ensure that the summary statistics – in this case, the most popular places – are accurate.

In practice, differential privacy isn’t perfect. The randomization process must be calibrated carefully. Too much randomness will make the summary statistics inaccurate. Too little will leave people vulnerable to being identified. Also, if the randomization takes place after everyone’s unaltered data has been collected, as is common in some versions of differential privacy, hackers may still be able to get at the original data.
CYDigital/marteq.ios insight:

Again, it starts with the individual unknowingly giving up their data, which inherently runs up against emerging legislation. 

 

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Schumpeter - Who owns the web’s data? | The Economist

Schumpeter - Who owns the web’s data? | The Economist | The MarTech Alert | Scoop.it
Start with the individual. It is seductive to argue that each person should have ownership rights over their data. Yet unless laws change radically, in practice it is hard to wrest control back from the tech platforms, because an individual’s bargaining power is woefully weak. Fortunately, other options are surfacing.

One is a subscription model, along the lines of Netflix or Spotify. Another option is to start gathering data on behalf of the individual from all sorts of sources. Inrupt, for instance, is working with the government of Flanders, a region of Belgium, to give every citizen a “pod” to store personal data. It hopes private firms will build user-friendly apps around the data, with people’s consent, says John Bruce, its co-founder. The better the apps, the more eager people will be to furnish it with their data. In India something similar is happening in financial services. Individuals’ and firms’ financial data can be transferred to financial-services firms via “account aggregators” that obtain the owners’ consent. This can help speed up credit-scoring and loan underwriting. It could also be an alternative to huge data guzzlers such as Ant Financial, a Chinese fintech firm.
CYDigital/marteq.ios insight:

Better yet: permit your consumers to own their data, and recognize their ownership. Then compensate consumers so as to access and use their data. 

 

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