Will Open Banking trigger the API of Me? (Chris Wood)
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The document discusses the concept of the 'API of Me', which refers to an individual’s personal data store that allows them to control and share their data securely with businesses. It highlights the potential of open banking to enhance this personal data framework, although it may not develop purely through organic initiatives without regulatory motivation. Overall, the growth of the 'API of Me' may be slower without open banking, but it can still occur through alternative data-sharing methods.
Will Open Banking trigger the API of Me? (Chris Wood)
- 1. Will Open Banking trigger the API of Me? Chris Wood @sensiblewood
- 2. What is the “API of Me”? The access point for your Personal Data Store Me2B == Establishing the relationship between you and the businesses you engage with on your terms == Secure, tailored & curated experience vs. traditional loudhailer approach
- 3. A Personal Data Store •The place where you aggregate & take control of your data & offer it to satisfy your needs •Centralized or federated Monetary Social Health Intentions Repeats Location & Transport Habitual Document Management
- 5. Example - Meeco • Series of curated views - ‘tiles’ • Makes your data relevant to you (and your family, pets, etc.) • Helps you understand your data based on your wants & needs
- 6. Example - Mydex • Allows consumers to securely share their data • Series of foci dependent on what your interest • Note the focus on consumer control
- 7. Example - Trunomi • Approach is federation vs centralisation • Manage data in situ • Work on behalf of business to benefit of the consumer
- 8. Can a PDS access all our data (via APIs?) In some areas YES e.g. Social In others NO e.g. Banking
- 9. So might Open Banking be important? Open Banking + PDS = Source of meaningful data Rich personal data source: monetary, habits, intentions, etc. Potential for easy data acquisition with a framework for security == Backbone for secure access
- 10. Prospects for Open Banking & the API of Me? Open Banking unlikely to happen organically as a “pure” initiative Regulation may provide the motivation Vendors will sell the dream - CTOs looking for a dream catcher PSD2: Possibility of technical fragmentation Local initiatives and schemes: CMA (UK), FinTS (Germany), etc
- 11. The API of Me without Open Banking? Usual suspects: • Screen scraping • Manual updates (CSV, etc.) • Aggregators – potential to become de facto standard == Might be more pain but not unachievable
- 12. Round Up The API of Me will happen without Open Banking Open Banking “done right” will definitely accelerate Regulation may affect how Open Banking implemented Growth of the API of Me likely to be slower without it