Data Standards, Personal Data, Learning App Data, Data Management, Data & Marketing, Data Collection

This week, we begin a bill introduced by senators to increase data collection and disclosure by eight federal financial regulatory organizations for developing consistent standards for the organization. Next, is a piece talking about a fine of $150 million on Twitter for harnessing data for security purposes but using it up to target users with ads. Then, we have an investigation that found that most online learning platforms shared children’s data with adtech businesses, who used it not only for targeted advertising but also to influence website feeds. Following that, we have an article discussing the essential role of data management, the consequences of poor data management, and an overview of (redundant, outdated & trivial) ROT data. Next, is an essay on the growing importance of data in marketing for both consumers & producers. Lastly, we have a story on the evolvement of the insurance marketplace linked to data collection as per changing consumer attitudes.

Legislation Would See 8 Federal Regulators Create Financial Data Standards

Senators introduced a bill Wednesday to improve collection and publication of data by eight federal financial regulatory agencies. The Financial Data Transparency Act (FDTA) would require the agencies to create common standards around the organization, readability and availability of the data they collect from the institutions they regulate. Investors and consumers currently lack a means to electronically search the information institutions report to financial regulators, but the FDTA would require that data be made open as appropriate in a machine-readable format within four years of its passage.

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Twitter Deceived People About How It Used Their Personal Data, FTC Says

Federal regulators on Wednesday slapped Twitter with a $150 million fine for allegedly misleading users about how the social media company used their personal data. From May 2013 to September 2019, Twitter collected users’ email addresses and phone numbers, saying it needed the information to secure their accounts, according to the Federal Trade Commission. But the blogging service was also providing that data to advertisers so they could target individuals — something it did not disclose, the agency said. Advertisers could match up users’ phone numbers or emails with information they already had, or bought from data brokers, to target specific individuals.

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Remote Learning Apps Sent Kids’ Data And Behavioral Information To Advertisers

Millions of children who used remote learning apps during the pandemic have had their personal data – and even behavioral information – shared with advertisers, says a new report. This includes apps which students were required to use by their schools, says Human Rights Watch. The organization investigated a total of 164 apps and websites endorsed by governments across multiple countries. Governments of 49 of the world’s most populous countries harmed children’s rights by endorsing online learning products during Covid-19 school closures without adequately protecting children’s privacy, Human Rights Watch said in a report released today. 

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Securing The Data Ecosystem

Organizations are often pressured to choose how to prioritize what is essential in terms of data management. Equally as often, they make rash decisions to comply with industry and regulatory standards. Some prioritize concern with cybersecurity threats and data leaks rather than cost efficiency. Many do not know that data management can protect against cyberattacks while being cost-effective. The growth of big data in the digital world is extraordinary. Developing an efficient data management strategy is key to securing your organization’s data ecosystem. 

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Data Is The Strongest Currency In Marketing And There May Be Too Much Of It

Data and information obtained through its analysis have been used in marketing decision-making for years. It wasn’t until the first years of this millennium that talk began about “big data.” Especially over the last 10 years, the amount and importance of data in marketing have grown exponentially. Ironically, the adjective “big” is completely undersized in this context. According to many estimates, more than 90% of all data globally has been generated in just the last few years. It’s estimated that by 2025 people will produce 463 billion gigabytes of data every day.  

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Sharper Data Collection Is Key To Better Insurance CX

Digital transformation has been one of insurance companies’ key priorities recently. The promises big data and analytics hold for quote citation, risk analysis and underwriting efficiency are immense. Yet, many insurers struggle to leverage the wealth of customer data they can access. This issue isn’t as much about infrastructure needs as it is about data collection processes. Customers these days are digital natives, as evident in a study conducted by EY. Two out of three customers prefer digital interactions and about 80% of respondents said they bought insurance online.

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