Value of consumer data has a predicted global market of $2.5 trillion by 2016.
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Personal Data Stores - What does this mean for your organisation?
The cost and time of communications and transactions online are considerably less than current face-to-face, paper/post or telephone communication. All of which also provide opportunities for human error by both the providing and relying parties.
The financial cost of data breaches are now substantial with fines proposed by EU legislation of 2% of an organisations’ global annual revenue in addition to the ensuing reputational damage.
Shifting the control and responsibility for data protection, accuracy and storage, back to customers, employees and suppliers, thereby reducing costs and compliance risks, is indisputable for any board.
Research suggests that, given the confidence of control and data stewardship, individuals will share significantly more personal information with their Trusted Relationships, particularly if they are rewarded in the same way that utilities reduce their costs for paperless billing and Direct Debit payment.
Why would you, as an Individual, want to do this?
Imagine having a complete and centralised overview of your important documents, just a click away. It could include digital copies of your educational certificates, qualifications, legal documents, employment history, financial information, health records and mortgage. No need to worry about losing vital records, as you have the key to your own private digital safety deposit box.
Imagine being able to share relevant information with trusted organisations, with your prior consent. Zero hassle – just a few clicks – and Hey Presto it’s done! You can be 100% confident that the right person has the right information.
Your personal information – under Your control, with Your consent, for Your benefit.