How can my data work for me?

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#MyDataAndI

to all questions

How can my data work for me?

Have you ever asked yourself ... How can my data work for me?

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Hello! I’m Julian – an avatar on the lookout for things that make life easier.

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Let’s have a brief chat about how our bank data can work for you, shall we?

Please pick one:

Sure, what can you tell me?

No, thanks. I’d just like an overview of information.

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As of recently, you can allow selected providers to access your bank account details.

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Including apps that are not from your bank.

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A new European policy supports this. It’s called the ‘Payment Services Directive 2’, or PSD2 for short.

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It specifies which data your bank should make available to whom and when.

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Imagine if you could save 300 euros a year by sharing your bank data with selected apps. Would you do it?

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Okay! Here are a few articles that may interest you.

wink-emoji Don’t know. I wouldn’t provide my data only to save a few euros.

I’d give it a try if the app came from my bank.

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I can understand that.

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What if there were other benefits for you? Such as more savings and being able to finish annoying admin tasks quickly and conveniently.

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Then you feel the same as nearly half the people asked by Deutsche Bank. They trust their bank that it manages their data responsibly.

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They only trust their doctor more.

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What interests you more: cool apps that make your private life easier or apps for business?

skeptical-emoji I would have to know exactly how it works.

eyeroll-emoji Those are all just ruses to get a hold of my data.

clapping-emoji More quality time with family and friends would be great.

Something that saves me time and money in my everyday life.

Things that help better manage my relationships with business partners.

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Check out this video. It describes the basic idea.

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What is important to you when you share data?

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Okay, you are careful – just like most of the people Deutsche Bank asked.

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Only 3% say that they generally don’t mind sharing their personal data.

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But ... many people want apps that make their life a little easier.

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What do you think about sharing selected data?

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Got it. More time for the nice things in life – who doesn’t want that?

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More than 40% of the people asked by Deutsche Bank find that managing contracts really eats up their time.

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These are the kinds of things that others find extremely annoying, too.

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Shall I show you what apps already exist thanks to open banking?

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There are quite a few. For example, you can quickly check the credibility of buisness partners.

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Or import invoices straight out of your accounting system to enable quicker payment.

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Got it. More time for the nice things in life – who doesn’t want that?

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More than 40% of the people asked by Deutsche Bank find that managing contracts really eats up their time.

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These are the kinds of things that others find extremely annoying, too.

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Shall I show you what apps already exist thanks to open banking?

skeptical-emoji I’m not convinced by this video. I don’t want to share my data.

I want to be sure that criminals don’t get their hands on my data.

I always want to know who is using my data, and for what.

I don’t want my data allowance to get used up and for my mobile bills to go through the roof.

My personal data could be shared without my authorization.

Yes, if I don’t immediately have to sign up for something. wink-emoji

Are you sure that the partners of banks and app providers handle my data carefully?

How do I know that my trade secrets will remain protected?

WOW. I want to know how I can take advantage of these benefits.

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¯\_(ツ)_/¯ Okay, I understand your underlying concerns. Nonetheless, nearly half of the people Deutsche Bank talked to trust their bank with managing their data.

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Maybe have a chat with Marcus.

Maybe chat with Marcus. He has taken a close look at how banks protect data.

Chat with Marcus
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Or if you are curious about the possible benefits of giving selected providers access to your data, then scroll down.

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Banks are closely observed by regulatory authorities worldwide.

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They are legally required to protect your personal data against unauthorised third parties.

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According to a recent study that’s what over 40% of people want: they want to see, at one glance, who is using their personal data from what app.

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Oh, really?

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Let me ease your mind: your data usage won’t suffer.

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According to a recent study, nearly 50% of people worry about identity theft.

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Banks are not allowed to do that.

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You decide each time who you want to share your data with and for what. After all, your data is valuable.

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wink-emoji Of course not. This is not a commercial.

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Thanks to open banking, it is already possible to keep track of the deluge of contracts and conditions.

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Banks don’t decide which apps are granted access to your data.

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Third-party providers are licenced by the financial authorities and have to present an electric certificate to your bank.

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As a customer, you can demand that your bank gives an app access to your data.

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You’re asking the right questions.

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Banks are closely observed by financial regulators. Strict laws obligate them to protect your data.

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Your data belongs to you. You decide who is allowed access, and when.

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Your bank provides an interface.

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Other banks and FinTechs can use this to gain access to your account data.

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There are two conditions: the providers must be certified by the financial authorities.

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And YOU must give each individual app your express consent.

wink-emoji Doesn’t Deutsche Bank share my data with others?

And what if something goes wrong?

Couldn’t any hacker gain access to my data if banks have to enable access to third parties?

Cool. thumbs-up-emoji What else can my data do for me?

To which apps does Deutsche Bank give access to my data at my request?

What is my data actually worth?

And how does Deutsche Bank protect my data?

What cool services are possible with my bank data?

And what if something goes wrong?

What does Deutsche Bank do exactly to protect my data?

Isn’t that something for big corporations again?

Which options can I specifically use as a business customer of Deutsche Bank?

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Definitely not without your permission.

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You decide each time who you want to share your data with and for what purpose. After all, your data is valuable.

If you want to know how Deutsche Bank protects your data, then chat with Marcus.

Chat with Marcus

And if you want to learn more about the value of your data, then chat with Amy.

Chat with Amy
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Or scroll down to learn more about how you can profit from your data.

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Your bank is liable: even when there are mistakes that they are not responsible for.

If you want to know how Deutsche Bank protects your data, then chat with Marcus.

Chat with Marcus
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Or scroll down to learn more about how you can profit from your data.

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Banks are legally obligated to protect your data to the highest standards.

If you want to know how Deutsche Bank protects your data, then chat with Marcus.

Chat with Marcus
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Or scroll down to learn more about how you can profit from your data.

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Check out this video. It’s about the opportunities provided by open banking.

Chat with Amy to learn more about the value of your data.

Chat with Amy
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Or scroll down to learn more about how you can profit from your data.

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wink-emoji Just scroll down to see a few cases.

Or chat with Marcus. He’s taken a closer look into how Deutsche Bank protects your data.

Chat with Marcus

If you want to learn more about the value of your data, then chat with Amy.

Chat with Amy

Deutsche Bank strictly protects your data, precisely because it is so valuable. Chat with Marcus. He’s taken a closer look into this.

Chat with Marcus
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Or scroll down to learn more about how you can profit from your data.

Chat with Marcus. He’s taken a closer look into things.

Chat with Marcus
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Or scroll down to learn more about how you can profit from your data.

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Check this out:

Five examples of how your data can work for you.

Start slideshow
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And don’t worry, you don’t have to sign anything. wink-emoji

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Or scroll down to learn more about how you can profit from your data.

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So ...

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... you have authorised a third party access to your data ...

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... and then a mistake arises or criminals somehow gain access to your data ...

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... then the one held liable is ...

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... your bank!

Chat with Marcus. He’s taken a closer look into how Deutsche Bank protects your data.

Chat with Marcus
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Or scroll down to learn more about how you can profit from your data.

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Take a peek inside our Cyber Incident Response Center CIRC. spread-fingers-emoji

Mit dem Cyber Incident Response Center (CIRC) wappnet sich die Deutsche Bank gegen weltweite Angriffe.

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Chat with Marcus. He’s taken a closer look into how Deutsche Bank protects your data.

Chat with Marcus
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Or scroll down to learn about some of Deutsche Bank’s offerings.

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No. sunglasses-emoji

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On the contrary, the applications help many medium-sized enterprises and those who are self-employed.

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Check this out:

Fünf Beispiele, wie Ihre Daten für Sie arbeiten können.

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If you want to find out more about the value of your data, then chat with Amy.

Chat with Amy
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Or scroll down to learn about some of Deutsche Bank’s offerings.

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Scroll down to learn about some of Deutsche Bank’s offerings.

Or chat with Marcus. He’s taken a closer look into how Deutsche Bank protects your data.

Chat with Marcus

How your data can work for you

“Know your client”

Markus Pertlwieser, Chief Digital Officer at Deutsche Bank, explains how data helps “to provide the right information to customers at the right time,” and what banks do differently to large Internet companies when dealing with data.

Video

Big data and corporates?

Sunday Domingo, Head of Client Data Products at Deutsche Bank, explains how and why the rising amount of data affects the way corporates do business.

Video

New ways to pay

New online payment solutions can deliver real-time, secure transactions and a better client experience, says Benjamin Madjar from Deutsche Bank’s corporate cash management.

Video

Five examples of how your data can work for you

At your request, your bank is obliged to grant third parties access to selected bank details. We will show you why this can be beneficial to you.

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Can you dig it?

Avatar Julian chats with Spyros Mesomeris – Deutsche Bank’s Global Head of Quantitative & QIS Research – about α-DIG, a new tool that uses text mining and artificial intelligence to uncover insights for portfolio managers.

To the interview

How does the Deutsche Bank data interface work?

Joris Hensen, Co-Head of the API program, explains what an API has in common with a multiple electrical socket, and how the customer can control, and profit from, the data stream.

Video

Is there an app for that?

Tax returns, applying for visas and finishing schoolwork: we asked people what tedious tasks they wished apps and big data could handle for them.

Video

Using data, protecting data: who do you think can manage this?

We asked 1,000 people in Germany what data they entrust to whom, and what they expect in return. Here are their responses.

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“The opportunities are endless”

The Internet of Things will provide an unimagined level of personalisation and insights through data, says Matthaeus Sielecki, who co-heads Deutsche Bank’s digital product development for corporates.

Video

Deutsche Bank asked its Instagram followers questions about data.

Would you provide your data to an app that automatically filled in your tax returns?

No 46%

Yes 54%


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Still there?

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Want to chat a bit more?

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Here are two friends who would like to talk to you about data-related topics.

Marcus has looked into how Deutsche Bank protects your data.

Chat with Marcus

From Amy, you can learn why your data is worth so much.

Chat with Amy

About #MyDataAndI

Data is the stuff that dreams are made of. On the basis of data-derived insights, big platform businesses and small start-ups alike seek to make individualised offers to potential customers. Many people are just now beginning to understand the value of their data. They want to maintain control over them and want to know what is being done with their data, by whom and why.

On this website, the avatars Amy, Julian and Marcus invite you to chat with them – about what your data is worth in the “data economy”, about the ways you can profit even from your bank data, and about data protection and data security standards. The three fictional characters assume the perspectives of our diverse customers and pose questions that we all have. Openly, curiously and critically. Talk with them!

Sources:
The information and figures in the chats with Amy, Julian and Marcus and in the slideshows were taken from various external studies and surveys from Deutsche Bank Research. Here is an overview:
  - Deutsche Bank: GBMR Ad hoc Befragungen – Der Umgang mit Daten und Datensicherheit, 2018
  - Domo: Data never sleeps 6.0, 2018
  - MEF (Mobile Ecosystem Forum): Global Consumer Trust Report, 2017
  - SANS Institute: Threat Landscape Survey, 2017, quoted in EHI Retail Technology, 2018 (www.retailtechnology.de)
  - SVRV (Sachverständigenrat für Verbraucherfragen) REPORT June 2017: Der Wert persönlicher Daten – Ist Datenhandel der bessere Datenschutz?

Image credits:
- Characters: Caitlin VanderKlok
- Chats Amy, Julian and Marcus: GIFs: © Caitlin VanderKlok (6); Footage: © Adobe Stock [M] (1), Motion Elements [M] (4), Shutterstock [M] (3); GIF Editor: Anne Grobler
- Slideshow: Is data really the new oil?
Slides 2,7,10,11,16 © iStock [M] | Slides 3,5,6,12,14,15 © Adobe Stock, iStock, Shutterstock
- Slideshow: Five examples of how your data can work for you
Slides 4,9,15 © iStock [M] | Slides 2,3,6,8,10,12,13 © iStock | Slide 15: © Shutterstock
- Slideshow: Using data, protecting data: who do you think can manage this?
Slide 3: © iStock [M] | Slides 8,10 © Shutterstock [M] | Slide 12: © Adobe Stock| Slides 5,7,9,13 © iStock