In today’s digital economy, accurate customer data is recognised as a key strategic resource, yet 78% of consumers think it’s hard to trust companies with their data. In fact, by the year 2020, it’s estimated the personal data market in Europe alone will be worth over 1 Trillian Euro.
In this new trust based market, both business and government have an opportunity to win back the hearts, minds and trust of their customers, patients and citizens. With consumers who are able to manage and protect their privacy up to 52% more willing to share information than those who aren’t, this trust will quickly become a key strategic resource. Put simply, organisations that demonstrate responsibility in the way they handle personal data today will lead the digital economy of tomorrow.
New legislation in Europe such as the General Data Protections Regulation act (GDPR) and the Payment Services Directive 2 (PSD2) are forcing much needed changes to the way personal information is both collected and used by businesses.
Currently, many organisations are caught at a data cross roads, aware of these changes in attitude and sentiment, as well as regulation, but are equally heavily invested in their current data practices. How can they start to investigate new approaches and utilise new capabilities whilst limiting impact to existing practice?
As a pioneer in the global open data movement, Meeco is recognised for our forward thinking in helping organisations take the first steps to new business models built on personal data, consumer trust and transparency.
To address this challenge and provide answers to these critical questions, we are proud to announce the launch of Meeco Labs.
Meeco Labs is a program for enterprise and government to test new trust based customer outcomes utilising the Meeco platform and the consent based exchange of personal data in a sandbox environment. In conjunction with real customers, access to real data, a GDPR compliant platform, extensible APIs and a proven framework for testing, iteration and optimisation, Meeco Labs helps organisations contain risk and prove business and customer value prior to making substantial investments.
Meeco Labs Programs are tailored to a specific set of use cases, hypotheses or business problems, and are often aligned directly with current innovation initiatives or the strategic initiatives of a business unit sponsor.
Rich user-controlled data sets across life data, social and IoT data, browsing history, buying preferences and intentions can all be mapped, captured and exchanged through Meeco’s API engine.
For European enterprises Meeco’s Consent Management layer provides compliance to the new GDPR regulations as well as the PSD2 legislation.
We are excited to have already completed our first round of Meeco Labs programs with leading global organisations and together with the recent launch of our European offices we are focusing our efforts across key consumer facing sectors where a high level of interest has been shown.
Some key findings from Meeco Labs Programs to date are:
- 95% of program participants continue to be interested in using their data as an asset to exchange with organisations post program
- 99% of program participants intend to use Meeco consent layer when sharing data with organisations in the future
- Each program, based on behavioural insights from real customers, has resulted in a new product, experience, or go-to-market strategy being developed.
Much uncertainty still remains, yet Meeco Labs has proven a framework for removing these outer layers of uncertainty and risk, and in the process, revealed tangible customer and business value for the organisations we work with. This process is the first step towards new models of consent based personal data exchange. Contact our London or Sydney offices to discuss a tailored program for your organisation.