Pureprofile Limited (ASX: PPL), a leading provider of data, insights, programmatic and lead generation solutions, has thrown its support behind consumers gaining control of their own data, as recommended in the Productivity Commission’s draft report released this month.
The Productivity Commission’s draft report Data Availability & Use has recommended Australian consumers be given a “comprehensive right” over their own personal data held by government and businesses.
An open data regime would require businesses, such as banks, retailers and government agencies to create technology systems that allow customers to give other providers permission to access and analyse their own data.
Paul Chan, Pureprofile CEO, said “We believe that the move to open data will empower consumers to control and curate their own data and preferences, as well as blocking unwanted approaches from companies and others”.
“We believe that consumers will be able to use their data as an asset, rather than a liability or privacy issue. This will allow them to strike better deals with their banks and other suppliers if they are able to control their information and provide access where appropriate. Consumers would be able to shop online for products and services appropriate to their needs and gain rewards by providing their insights”, Chan added.
The Productivity Commission’s recommendation that digital data portability would lift efficiency and empower consumers aligns with Pureprofile’s strategy.
While open data regimes, including API’s, are generally discussed in relation to banking, the Productivity Commission’s draft report highlighted a number of other sectors where customers could benefit from increased data portability, allowing them to trade or reuse their data.
Mr Chan concluded “Consumer data is a driving force for competition and growth in the global economy and consumers should be allowed to use it for their own advantage”.