Why Data Portability will change the “Facebook” model
We are all aware of the response that when a digital or Internet service is Free; you are the product. It is most probably an adaption of a 1970 quote from the TV/media industry. Free to Air TV, which is advertising supported, means you watch for FREE in exchange for attention to watch adverts, as product and service owners hope you will buy. I want to explore this line of thinking a little further, as with the introduction of PSD2, GDPR and many other new regulatory frameworks from the US to Australia: the user/ consumer can now get their data back – aka #data_portability/ #data_mobility, so the model of FREE needs to be looked at again with our updated digital glasses on. The purpose here to raise questions as I am thinking about BigTech and the reaction of companies to new regulations. Who benefits and who is threatened, specifically exploring if branded Banks / Fintech gain or lose with data portability? The thesis is that the Free Facebook model breaks because this