Thought provoking. Dave and I are friends.. friends that disagree on a few things. My push back here
1) Governments have prescribed powers (at least here in the US). I don't want them building data rails for commercial or banking applications. They certainly have roles in protecting consumers and regulating banks. We all agree that banking data belongs to consumers. But data transfer rails should NEVER be national infrastructure. Rules and Laws are much different than tech. Rail lines, Airports and ports are not national infrastructure, they are owned and operated by commercial entities or local governments. This provides "options" for the users of the infrastructure and ensures that market forces operate on pricing and quality of service.
2) AI and banking data. As the founder of commerce signals, I was one of the first companies to take card data "into the market". As an ex Googler, our model was simple we determined intent by what you search for.. then we provided a market for advertisers to act on that intent. Search does not always match up with actual behavior (ex search for Ferrari or Lake Cuomo). Payment data is actual behavior and is MUCH more predictive. Looking at your purchases and time I can tell where you are, where you are going, when you are away from your house. Where your kids go to school. It is a gold mine for both legitimate and illegitimate activity. The innocent mistakes you mention above with banking are nothing compared to the potential mistakes a person could make in letting this data out. And once it is gone.. it is forever gone.. and infinitely replicable.
Thanks for taking the time to reply Tom. Friends who disagree are friends who learn, in my opinion.
On the infrastructure site of things, I would argue that, for example, the electricity grid is vital national infrastructure. That doesn't mean that it is operated by the government but that the government must make rules to ensure that it is robust and resilient and so on.
I completely agree with you about the importance of payment data and that's why consumers (as in the UK) can only consent to giving their data to regulated entities.
Thought provoking. Dave and I are friends.. friends that disagree on a few things. My push back here
1) Governments have prescribed powers (at least here in the US). I don't want them building data rails for commercial or banking applications. They certainly have roles in protecting consumers and regulating banks. We all agree that banking data belongs to consumers. But data transfer rails should NEVER be national infrastructure. Rules and Laws are much different than tech. Rail lines, Airports and ports are not national infrastructure, they are owned and operated by commercial entities or local governments. This provides "options" for the users of the infrastructure and ensures that market forces operate on pricing and quality of service.
2) AI and banking data. As the founder of commerce signals, I was one of the first companies to take card data "into the market". As an ex Googler, our model was simple we determined intent by what you search for.. then we provided a market for advertisers to act on that intent. Search does not always match up with actual behavior (ex search for Ferrari or Lake Cuomo). Payment data is actual behavior and is MUCH more predictive. Looking at your purchases and time I can tell where you are, where you are going, when you are away from your house. Where your kids go to school. It is a gold mine for both legitimate and illegitimate activity. The innocent mistakes you mention above with banking are nothing compared to the potential mistakes a person could make in letting this data out. And once it is gone.. it is forever gone.. and infinitely replicable.
My own blog on topic.. Banking Data the New Oil or Uranium? https://blog.starpointllp.com/?p=4805
P.S. Going to read your blog now!
Thanks for taking the time to reply Tom. Friends who disagree are friends who learn, in my opinion.
On the infrastructure site of things, I would argue that, for example, the electricity grid is vital national infrastructure. That doesn't mean that it is operated by the government but that the government must make rules to ensure that it is robust and resilient and so on.
I completely agree with you about the importance of payment data and that's why consumers (as in the UK) can only consent to giving their data to regulated entities.