8/11/21: Today Australia’s CBA bank announced a $100m investment in an AI firm to further exploit customer data.
This further exposes an opening for the need of a trusted bank that does not behave as if there customers are cattle to be herded for commercial gain.
The opening now exists for a bank, either traditional or nu-bank to selflessly volunteer to give up their data ownership rights and set aside both the users identity and their data as their customers sovereign property.
They can do this by:
- Subscribing to and supporting an independant identity authentication system that allows users to use multiple services and products across vendors with the same authentication credentials (ie OAuth)
- Voluntarily managing a users data as a private repository where only current essential data is used for processing and medium to long term storage of data is kept encrypted and under the control of the customer and where access is only granted on request to the user for specific and agreed purposes.
- And where regulatory mandated archival data access goes into encrypted deep storage and can only be retrieved by subpoena and an independant law firm and specific customer consent unless lawfully overruled by the authorities.
CBA has become to banking what Facebook is to social media. Exploitative and disrespectful of the customers democratic right to privacy, consent and the right to choose or reject.
AI when pressed into service by commercial interests is different to AI when utilised by individuals at their personal direction and consent.
One drives for profit at the cost of individual choice and consent in favour of bank shareholders and more centralised control, the other drives for maximal personal benefit, more choice and better collaborative results.
Self sovereign identity, credentials and data along with customer centric concierge supervision of data is a project Ric is working on to try and alleviate these problems.