What if there was a viable means for individuals to receive fair value and utility from their data
What if there was a viable means for individuals to receive fair value and utility from their data, and for businesses to directly access the personal data they need in a transparent, compliant way?
DataPal has built a solution that does precisely this, creating mutual benefit for both parties:
A business wanting to establish a data sharing relationship with a customer first sends a clear request - with appropriate explanation
data sharing connections can then easily be established from within the customer’s existing My Account function, typically under a ‘Share My Data’ tab
the customer is also invited to download the DataPal app to their mobile device
the App gives the customer full visibility and control of all data sharing relationships via a single dashboard
they can easily de-select any specific data they don't wish to share - or terminate sharing at any time with full transparency
crucially, to justify establishing data sharing relationships and earn the trust required to sustain them, the business needs to provide improved offerings (e.g. saving customers time, effort, money) and also share relevant data back with customers – the essence of a mutually beneficial data and value exchange
DataPal uniquely enables:
An individual to build the richest possible profile of themselves which no one else can compliantly match,
Decide how much of this to share with which organisations, based on the value and utility they expect to receive from doing so
An analogy is with comparison sites, where providing key personal information enables the individual to access the best offers available in the market for insurance, utilities etc.
Except that the richness of a DataPal profile can be vastly greater, and can power many more valuable data exchange-based relationships.
How can a business quantify the value of deploying DataPal?
There are three cost areas where it can rapidly make a material difference:
CRM data quality maintenance – average costs for medium to large consumer businesses typically range from £1.50-£6 p.a. per customer record today, depending on the level of complexity, automation and scale
Data privacy compliance – ensuring full observance of all relevant regulatory requirements typically costs £4-£12 p.a. per customer record
Purchase of comprehensive 2nd or 3rd party data profiles – needed to fill gaps, costing at least £5-£30+ per customer, and in some sectors considerably more
Making effective use of DataPal can also drive incremental revenues from being able to provide offerings that better meet individual needs and deliver an improved customer experience.
The business case with 100k end customers onboarded shows an RoI of over 50% in just 3 years from realistic net cost savings alone.
Businesses serving UK customers are currently trying to manage well over 700 million consumer records, as each of c.55m adults has on average of over a dozen online accounts or subscriptions. But keeping these records up to date, complete and compliant is a massive challenge.
DataPal helps solve this problem in a novel way....
DataPal is now running Proofs of Concept with initial clients, get in touch if you want to take part in one too.