Julie Dawson

We are delighted to share an interview with Vivienne Artz OBE FCSI (Hon) CMgr CCMI AIGP, Data Strategy & Privacy Policy Advisor, Centre for Information Policy Leadership (CIPL), where Vivienne gives her views on the following topical issues: ➡️ Big Tech: the potential, as outlined by the FCA's CEO, for increased access to the vast swathes of data owned by Google, Amazon, Apple, Microsoft and Meta, and whether this would result in improved financial products, more competitive prices and greater options for consumers and businesses.  ➡️ The enormous impact that Generative AI has already had on society and on financial services and, in particular, how to manage the data privacy issues it raises and how to exploit the potential of generative AI-powered analytics to unlock insights for banking, payments, insurance and asset management.  ➡️ Although one of blockchain technology's much vaunted advantages is its immutable record keeping of financial data, might this in itself pose data risks if incorrect data is stored that cannot be corrected or removed?  ➡️ Whether financial firms are doing enough to prepare for the day when public key cryptography, which underpins all financial products and markets, becomes ineffective as a result of advances in quantum computing. Click here to watch the interview: https://lnkd.in/e96zhDxU Vivienne will also be chairing our Data and the Future of Financial Services Summit, which will take place at DoubleTree by Hilton London, on 19 June 2024. ✨ Sponsored by Herbert Smith Freehills✨ #DataFS #GenerativeAI #Blockchain

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INTERNATIONAL NEWS: OIX: Digital ID is in a ‘critical phase’ globally The digital identity sector is evolving, but it's facing challenges, especially in the UK, where public skepticism about national ID programs complicates progress. Gareth Narinesingh, identity development director at Open Identity Exchange (OIX), highlights that while technology is advancing, the focus needs to shift toward solving real-world problems and building trust. The UK’s Digital Identity and Attributes Trust Framework (DIATF) is crucial in creating a secure, interoperable system, but there's still work to be done. As Gareth puts it, “Digital identity is not an easy thing to understand, let alone progress,” emphasizing the need for clarity and trust in this critical phase of global digital ID development. h/t Biometric Update Gareth Narinesingh Nick Mothershaw #digitalID #digitaltrust #digitalgovernance https://lnkd.in/dUg_NUQi

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The EU Commission is inviting wallet providers to submit proposals for the EU Digital Identity Wallet, as part of two successive waves of large-scale pilots to test the deployment of the Digital ID Wallet in priority use cases. Proposals can be submitted from 14 May to 24 September and should cover one of four use-cases, though others are possible too: 🏢 Wallets for Businesses, for use in B2B and B2G scenarios, including regulatory compliance, company registration, and power of attorney, among others. ✈ 🚍 Wallet for Travel, for use in a range of national and cross-border travel scenarios. 💵 Wallets for Payments and Banking, addressing payment and banking relevant functionalities including KYC, Strong Customer Authentication and offline transactions. ✅ Wallets for Age Verification scenarios. The Commission has set aside a call budget of EUR 20 000 000, which will be redistributed between the call priorities. See link for more information: https://lnkd.in/eAM8TkPM #EUDI #digitalidwallet #digitalidentity #trust #EU #EUCommission #IDwallet

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Vendor lock-in pain may be eased with the UK's Digital Markets, Competition and Consumers Act 2024 (DMCC) Here are the highlights in the Act to combat vendor lock-in: 1. Enhanced Consumer Rights The Act mandates digital service providers to offer clear and straightforward contracts, ensuring consumers fully understand their commitments. This transparency helps consumers switch providers more easily if needed. These requirements are outlined in Part 3, Enforcement of Consumer Protection Law. 2. Data Portability One significant measure is the right to data portability. This allows consumers to transfer their data seamlessly between services, reducing dependency on a single provider and fostering competition. This can be inferred from Part 1, Digital Markets, Chapter 4: Pro-competition interventions. 3. Digital Markets Unit (DMU) Oversight The newly established DMU will oversee and enforce fair competition practices. This includes preventing dominant tech companies from unfairly binding consumers to their services. The DMU has the authority to impose conduct requirements and take steps to promote competition through pro-competition interventions. This can be inferred from Part 1, Digital Markets, which outlines the DMU's role and powers. 4. Easier Service Switching Providers must simplify the process for consumers to switch services, addressing common barriers such as long contract termination periods and complicated transfer procedures. This ensures that consumers are not unfairly locked into a single service. This can be inferred from Part 1, Digital Markets, particularly the pro-competition interventions designed to enhance consumer choice and market fairness. 5. Transparent Pricing and Terms The Act requires clear and transparent pricing structures, prohibiting hidden fees and sudden price hikes that can trap consumers with a provider. This transparency is crucial for allowing consumers to make informed choices and switch services without financial penalties. This can be inferred from Part 3, Enforcement of Consumer Protection Law, which emphasises fair trading and clear contractual terms to protect consumers. Effectiveness and Future Prospects While the DMCC sets a robust framework to tackle issues like vendor lock-in, its success will depend on rigorous enforcement by the Digital Markets Unit (DMU) and the cooperation of digital service providers. The DMU's proactive stance and the Act's comprehensive measures aim to promote fair competition and protect consumer rights. Stakeholders and consumers will closely monitor how these provisions are implemented and their impact on the digital marketplace. For more detailed information, refer to the full text of the Digital Markets, Competition and Consumers Act 2024: https://lnkd.in/dPUah_Dg #vendorlock #digitaltransformation

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📢 Data Use and Access Bill Unveiled Today The UK Government has tabled the much-anticipated Data Use and Access Bill— a key moment for the future of data protection and economic growth. Expected to deliver £10 billion to the UK economy over the next decade, the Bill aims to simplify data sharing and foster closer collaboration between the public and private sectors. Chris Combemale, CEO of the DMA, welcomed the focus on economic growth and improved public services, stating: “The Bill puts data sharing at the heart of the economy, enabling businesses to connect more effectively with their customers while maintaining essential protections for privacy. The balance between innovation and trust is crucial, and we believe this legislation reflects those priorities.” As the Bill makes its way through Parliament, the DMA will continue working closely with officials to ensure that the interests of our members and the broader industry are well represented. For more details on how the Bill impacts the data and marketing industry, read the full article here 👉 https://lnkd.in/eVkxnF9C #DataUseBill #DataProtection #EconomicGrowth #DataSharing #Innovation #UKLegislation #DMA #DataPrivacy #LegislativeUpdates

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