Did you know that from May 2018, any cloud software as a service (SaaS) provider managing personal data of European citizens will be jointly liable for GDPR requirements? Even if a SaaS company is not in Europe, any SaaS provider with European personal or corporate clients is at risk for up to 4% of global annual revenue or EUR 20 million.
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It is almost trite to say that data is important in building corporate value today. The most valuable companies in the world by market capitalization, the so-called GAFAs (Google, Apple, Facebook, and Amazon), are those that have massive amounts of data. But more data does not automatically translate to greater returns. For instance, most banks have massive amounts of data but cannot use that data effectively. To achieve value from that data, it is essential to be able to _use_ that data effectively.
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Enabling ecosystem data management, and specifically identity management, could be tremendously valuable to Financial Services.
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Ohalo can offer an alternative way to share data that respects privacy, regulation and the competitive needs of different firms.
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I recently read a couple of excellent blogs/papers on what how the banking industry might evolve. One of them, a blog on “Why Fintech Banks Will Rule The World” by Philippe Gelis, was written some time ago, in early 2015, whilst the other was a great thought piece on “Modular Financial Services” by Oliver Wyman from early this year. Each of these papers postulated a model of Banking that seems very compelling to me: a single Financial Market Place that unifies a broad range of “product” providers, by providing some critical functions that somehow unify the experience for the client.
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This post is for people that are creating distributed applications as well as business-oriented folks that want to know more about where this technology actually is today.
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