Why your data should not be in a #bank!
The rational your data should not be in a bank or a vault lies in history. When we centralise value (money for instance), it becomes attractive to rob, pinch, steal or walk off with - and protecting it comes at an every increasing cost.
In the old language the rational could be summed up as "dynamite and vault"; in our modern language "very attractive hacker economics"
The centralied deposit(s) become of great interest to those who want take it, control it, and to some who see it as a way to increase their own value. Centralised works first for the institutions and second for the consumer.
A more subtle part of the conversation (should we trust banks with our data in a big vault) turns to where modern day value comes from with data and that is in the sharing of data. Data in a vault with no access (other than you with your key) has limited value. There is value if you want the bank to monitise your data on your behalf; but that is a different story/ position. Indeed it would pitch the bank and BigTech against each other one expects.
The issue banks have is that of a conflict of the brand value. The brand values today centralise on meaning trust, security, privacy, defend, hold, keep, store, protect. You cash will be protected, in fact we are so sure .....will give you a guarantee.
If the value for your data comes from the sharing; how does this align to the lock it up, store it and protect it thinking.
This is a great post The 15 Most Common Brand Positions in Retail Banking - once you review the list you reach the summary "If you use one of these 15 common themes, you’ll have to apply your entire organization with gusto. That means 110% at every customer-facing touch point. You have to go above and beyond in order to stand out. If you don’t align every aspect of your organization around your brand, you’ll just end up being another commoditized “also-ran.” That’s what separates “great service” from “lip service.”
However, not one brand value is about sharing your data.