At the heart of open banking lies an important and difficult question: do you own your data?As internet giants like Facebook and Google continue to grow, data rights seem like a natural next step in our society. After all, data has surpassed oil in value and yet, most consumers know very little about what their data is actually being used for and how it is being shared. In our final episode of Mr. Open Banking’s first season, Eyal sits down with industry expert James Bligh, Co-Founder of RedCrew and lead developer for Australia’s Consumer Data Right (CDR). The two discuss what makes the CDR unique among open banking standards, the debate about whether data is even yours to begin with, and the ongoing journey towards the establishment of universal data rights.
Specifically, James and Eyal discuss:
What Australia’s “Consumer Data Right” (CDR) is and what it means for consumers;
The ongoing demand for data to be put back in the hands of consumers;
The CDR’s implications on Australian banks;
The difference between data rights, data standards, data ownership, and data control;
How the current data monopolies led by tech giants are impacted by open banking.