As we move into a world where every individual is their own data factory, the control & aggregation of human data provides not only a huge commercial opportunity but also a societal necessity.
Individuals from this point forward referred to as ‘users’, have the right to control who & how their data is used and commercial enterprises should focus on using that data to enrich the lives of users, rather than exclusively line the pockets of their shareholders.
With this in mind, Mercury Enriched views the future of a Consent Bureau as a Data Passport. The Data Passport of the Future essentially delivers the most accurate and comprehensive representation of a consumers digital identity anytime and anywhere. Becoming the digital unifying platform for all consumer data sources globally.
As we move into a new era of data, clients, consumers & regulators have been calling out for a unified, accurate & real-time representation of their digital identity. Fully utilising the Metaverse to drive clients and consumer value throughout the data ecosystem.
Acting as a consumer data fabric, our Data Passport brings together identity, credit, employment, health, housing and financial data.
What is a Consent Bureau?
A Consent Bureau gives end users (consumers) complete control over their data. It allows consumers to accept or reject commercial requests for their data and ultimate allows consumers to use their data to enrich their lives.
This could be through getting better interest rates, boosting their credit score or simply avoiding filling out long repetitive forms by using a Consent Bureau one-click application button.
What is a Data Passport?
A Data Passport is the consumer application built on-top of a Consent Bureau. It is a mobile app that allows a user to unify all of their identity, financial, credit and employment data into our single comprehensive digital identity. They can then use this Data Passport across the data economy to make their lives better.
How will Data Passport & a Consent Bureau make the life of its customers significantly better?
The guiding principle of a Data Passport is to give consumers full control over their digital data; using explicit consumer consent to both save time, protect their privacy rights and improve their financial well being. Essentially, making the life of consumers significantly better.
A good example of this, would be a customer using Data Passport to provide a mortgage lender with instant identity, income & credit data. Ultimately allowing the customer access to more favourable interest rates, due to improved decisioning data.
For a commercial client, having instant access to a complete consumer data set without complicated user onboarding journeys and excessive development costs, significantly transforms the digital lending space.
What is the Expected Commercial Model?
If we use the Blockchain as a key reference point, Data Passport serves as a digital ledger, a digital data passport.
As we move to become market leaders in the digital economy, commercial clients will be charged a micro-transaction fee for each consumer data request.
Consumers will have the freedom to accept or reject individual requests.
Commercial clients will no longer have to walk consumers through tedious onboarding journeys, subsequently improving their conversation rates, underwriting processes and customer retention through their use of Data Passport.