CHAPTER FIVE. How “Open” Is the Future of Banking? Data Sharing and Open Data Frameworks in Financial Services

Significance E-payment transaction volumes have risen dramatically as more people shop online and embrace non-cash payments. Moreover, fintechs are expanding into new segments of the financial services market such as crowdfunding and insurance. The future growth and resilience of this ecosystem depend on updating the regulatory and data protections framework, which is underway. Impacts Legislation on cross-institution and cross-border data sharing would be crucial to boost public confidence in fintechs. Continued growth of fintechs will increase the demand for cybersecurity services. Tier 2 cities will become increasingly important digital markets.


2016 ◽  
Vol 14 (1) ◽  
pp. 4-10 ◽  
Author(s):  
Marjorie A. Chan ◽  
Shanan E. Peters ◽  
Basil Tikoff

2021 ◽  
Vol 7 (1) ◽  
Author(s):  
Daniel Broby

AbstractThis paper presents an analytical framework that describes the business model of banks. It draws on the classical theory of banking and the literature on digital transformation. It provides an explanation for existing trends and, by extending the theory of the banking firm, it illustrates how financial intermediation will be impacted by innovative financial technology applications. It further reviews the options that established banks will have to consider in order to mitigate the threat to their profitability. Deposit taking and lending are considered in the context of the challenge made from shadow banking and the all-digital banks. The paper contributes to an understanding of the future of banking, providing a framework for scholarly empirical investigation. In the discussion, four possible strategies are proposed for market participants, (1) customer retention, (2) customer acquisition, (3) banking as a service and (4) social media payment platforms. It is concluded that, in an increasingly digital world, trust will remain at the core of banking. That said, liquidity transformation will still have an important role to play. The nature of banking and financial services, however, will change dramatically.


2021 ◽  
pp. 002203452110202
Author(s):  
F. Schwendicke ◽  
J. Krois

Data are a key resource for modern societies and expected to improve quality, accessibility, affordability, safety, and equity of health care. Dental care and research are currently transforming into what we term data dentistry, with 3 main applications: 1) medical data analysis uses deep learning, allowing one to master unprecedented amounts of data (language, speech, imagery) and put them to productive use. 2) Data-enriched clinical care integrates data from individual (e.g., demographic, social, clinical and omics data, consumer data), setting (e.g., geospatial, environmental, provider-related data), and systems level (payer or regulatory data to characterize input, throughput, output, and outcomes of health care) to provide a comprehensive and continuous real-time assessment of biologic perturbations, individual behaviors, and context. Such care may contribute to a deeper understanding of health and disease and a more precise, personalized, predictive, and preventive care. 3) Data for research include open research data and data sharing, allowing one to appraise, benchmark, pool, replicate, and reuse data. Concerns and confidence into data-driven applications, stakeholders’ and system’s capabilities, and lack of data standardization and harmonization currently limit the development and implementation of data dentistry. Aspects of bias and data-user interaction require attention. Action items for the dental community circle around increasing data availability, refinement, and usage; demonstrating safety, value, and usefulness of applications; educating the dental workforce and consumers; providing performant and standardized infrastructure and processes; and incentivizing and adopting open data and data sharing.


Author(s):  
Di Xian ◽  
Peng Zhang ◽  
Ling Gao ◽  
Ruijing Sun ◽  
Haizhen Zhang ◽  
...  

AbstractFollowing the progress of satellite data assimilation in the 1990s, the combination of meteorological satellites and numerical models has changed the way scientists understand the earth. With the evolution of numerical weather prediction models and earth system models, meteorological satellites will play a more important role in earth sciences in the future. As part of the space-based infrastructure, the Fengyun (FY) meteorological satellites have contributed to earth science sustainability studies through an open data policy and stable data quality since the first launch of the FY-1A satellite in 1988. The capability of earth system monitoring was greatly enhanced after the second-generation polar orbiting FY-3 satellites and geostationary orbiting FY-4 satellites were developed. Meanwhile, the quality of the products generated from the FY-3 and FY-4 satellites is comparable to the well-known MODIS products. FY satellite data has been utilized broadly in weather forecasting, climate and climate change investigations, environmental disaster monitoring, etc. This article reviews the instruments mounted on the FY satellites. Sensor-dependent level 1 products (radiance data) and inversion algorithm-dependent level 2 products (geophysical parameters) are introduced. As an example, some typical geophysical parameters, such as wildfires, lightning, vegetation indices, aerosol products, soil moisture, and precipitation estimation have been demonstrated and validated by in-situ observations and other well-known satellite products. To help users access the FY products, a set of data sharing systems has been developed and operated. The newly developed data sharing system based on cloud technology has been illustrated to improve the efficiency of data delivery.


Author(s):  
Tim Berners-Lee ◽  
Kieron O’Hara

This paper discusses issues that will affect the future development of the Web, either increasing its power and utility, or alternatively suppressing its development. It argues for the importance of the continued development of the Linked Data Web, and describes the use of linked open data as an important component of that. Second, the paper defends the Web as a read–write medium, and goes on to consider how the read–write Linked Data Web could be achieved.


2021 ◽  
Vol 20 (02) ◽  
pp. A10
Author(s):  
Helen Verploegen ◽  
Wessel Ganzevoort ◽  
Riyan van den Born

Digital citizen science projects differ greatly in their goals and design. Tensions arise when coordinators' design choices and conceptions of citizen science conflict with users' motivations and expectations. In this paper, we use a combination of qualitative methods to gain new insights into the ways citizen science is understood and implemented digitally. This includes a study into the affordances of two citizen science portals for bird observations, and qualitative interviews with users and coordinators of the portals. This reveals tensions related to data sharing, community hierarchies, and communicated expectations. Awareness of these tensions can benefit the future design of online citizen science projects.


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