IT Brief Australia logo
Technology news for Australia's largest enterprises
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
Cybersecurity
‘Windows shops’ target admin rights to de-risk their environments
New data shows up to 75% of critical vulnerabilities could be mitigated through a rights and privileges crackdown
Story image
Collaboration
Hybrid working success relies on the return to office
A reluctance to return to the office is impacting a would-be hybrid working model, instead leaving businesses with a mostly-remote workforce.
Story image
Microsoft
8x more users attacked via old Microsoft Office vulnerability in Q2
"Criminals craft malicious documents and convince their victims to open them through social engineering techniques."
Story image
IDC
Collaboration app market revenue grows 28.4% year-over-year
IDC has found that global revenues in the collaboration applications market grew 28.4% year-over-year in 2021 to $29.1 billion.
Story image
Schneider Electric
Schneider Electric launches SM AirSeT in Australia
The new medium-voltage switchgear uses pure air and vacuum interruption, completely avoiding SF6 greenhouse gas.
Story image
Training
The Sydney Business School extends its SAS collaboration
The Sydney Business School at the University of Wollongong (UoW) has recently extended its collaboration with SAS in order to meet the growing demand for skilful business analytics professionals.
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
Unified Communications
Gold Coast private hospital improves comms with Alcatel-Lucent Enterprise solutions
With further demands placed on health workers as a result of the pandemic, they need efficient and adaptable solutions that help them effectively serve their communities.
Story image
Email scams
HelpSystems shines light on impact of response-based threats
Response-based attacks targeting corporate inboxes have climbed to their highest volume since 2020, representing 41% of all email-based scams.
Story image
Collaboration
Lacework launches new capabilities for better threat detection
Lacework has announced new capabilities that enable organisations to uncover more critical threats to their infrastructure and empower teams.
Story image
Tech job moves
Tech job moves - Fastly, INX, Kinly, SmartBear & Vectra AI
We round up all job appointments from July 29 - August 12, 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
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
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
Low-code
Video: 10 Minute IT Jams - An update from Mendix
Mendix is a low-code platform used by businesses to develop mobile and web apps at scale, and Jornt joins us today to discuss how these offerings work, and what benefit they have in the development process.
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
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
Biometrics
Can biometrics help? 123% increase in Gen Zs scammed online
In the three years leading up to 2022, the number of Gen Zs who fell victim to online scams rose by 123%, according to Ping Identity.
Story image
Mobiles
Demand grows for future-proof mobile access solutions
HID Global, in partnership with IFSEC Global, recently released the 2022 State of Physical Access Control report for the fourth year running.
AWS Marketplace
Learn how security orchestration, automation, and response (SOAR) enhances your security strategy.
Link image
Story image
Microsoft
Avast reveals zero-day exploits targeting Chrome and Microsoft
Avast, released its Q2/2022 Threat Report today, revealing a significant increase in global ransomware attacks, up 24% from Q1/2022.
Story image
Cybersecurity
CISOs need to consider a risk-based cybersecurity strategy
Rather than talking in terms of attack vectors and vulnerabilities, CISOs and security decision-makers must look at actual business risk.
Story image
Blockchain
Australian Grand Prix uses CENNZnet blockchain for fan experience
CENNZnet was employed by Power'd Digital to deliver the Formula 1 Heineken Australian Grand Prix's 2022 AusGP Access program.
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
Artificial Intelligence
Is your chatbot bringing down the customer satisfaction score?
The top 10 reasons why chatbots are failing to meet customer expectations and what you must do to avoid that.
Story image
Data analytics
Pressure on orgs to up their data analytics game - study
A recent report from Sisense highlights data transmission, analysis, and risk management remain top concerns for data professionals in APAC.
Story image
Digital Transformation
Federated change is the best path to digital evolution
Businesses that can successfully manage the exponentially expanding masses of data produced by modern consumers will be the businesses that survive and prosper.
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
Cloud Security
Tenable makes additions to Cloud Security portfolio
Tenable has announced additions to Tenable Cloud Security that represent the next step in assessing threats related to cloud vulnerabilities.
Wiise
Discover why a localised cloud ERP is the way to go for Australian businesses.
Link image
Story image
Contact Centre
Treasure Data launches new customer experience functionality
Treasure Data has introduced a new strategic vision and product positioning for Customer Data Cloud, reflecting the company's focus.
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
Malware
Kaspersky uncovers new attacks by advanced persistent threat group
The attacks involved modifications of the well-known malware, DTrack, as well as the use of a brand-new Maui ransomware.
Story image
Ransomware
Sophos reveals latest ransomware trend impacting orgs
Sophos has announced in a new whitepaper that Hive, LockBit and BlackCat, three prominent ransomware gangs, consecutively attacked the same network.
Story image
Artificial Intelligence
Concentric AI protects sensitive data with new capabilities
The new capability reveals sensitive data shared across email and business messaging platforms and highlights who has inappropriate access to content.
Story image
DevOps
Dynatrace extends application security capabilities for runtime environments
Dynatrace has announced that it has extended its Application Security Module to detect and protect against vulnerabilities in runtime environments.
Story image
Digital Transformation
Why it is imperative to keep up with technology advancements
Technology is constantly evolving, which is why digital transformations can often be complicated. What legacy items stay? Will the new and old work together? Or is there a whole new system that we need to introduce?
Story image
Lucid Software
Lucid Software expands enterprise offerings with enhanced slack apps
Lucid Software has expanded its enterprise offerings with enhanced slack apps for its Lucidspark and Lucidchart technology.
Story image
consumers
Data protection: How SMEs can secure online consumers’ trust
Consumers believe how a company treats their data reflects how they treat their customers, according to a new survey.
Story image
Data Protection
Advancing genomic sequencing and public health with digital infrastructures
Right before our eyes, we've witnessed the development of the COVID-19 vaccine in record time. An enormous achievement in an otherwise lengthy task that previously took, on average, 10-15 years.
Story image
Customer experience
Scope Australia selects NICE CXone platform to streamline operations
One of Australia’s largest providers of disability support services, has chosen the NICE CXone platform to help streamline its contact centre operations.
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.