Liz Crews, Sales Director
Lots of people ask us what is a data sharing ecosystem?
It’s a term that gets bandied about a lot, but what does it actually mean?
David Attenborough would call an ecosystem a community or group of living organisms that interact with each other and work together in a specific environment, each with its own role to play.
The same definition can loosely be applied to an ecosystem for data sharing. It’s basically a secure environment created for a controlled community to share consented data safely, with each participant having their own role and responsibilities to ensure the ecosystem’s success.
Perhaps the best-known example of a data sharing ecosystem in action is Open Banking – which allows hundreds of entities to share more data securely than ever before and crucially only with a customer’s explicit consent.
So why exactly would you want your own?
It’s easy to dismiss the idea as something that’s only relevant for countries wanting to implement a nationwide initiative such as Open Banking but this is far from the truth.
The fact is that developing and controlling your own ecosystem is something that every large enterprise wanting to remain at the leading edge should be considering. It’s a vital part of any digital business strategy and if you’re not looking into it, you’re in real danger of being left behind.
There are multiple benefits to investing in your own data sharing ecosystem. The data you hold is rich in value and when effectively managed, it’s your gateway to maximise commercial opportunities such as:
- Strengthening your customer proposition and experience by enabling third party providers to participate in your ecosystem and offer complementary services to your own.
- Entering new markets or expanding access to your current ones with your existing products and services to create additional revenue streams.
- Enabling you to capitalise on data insights to launch into new business areas.
Ecosystems are about much more than just regulatory compliance, although if you’re already part of a mandated ecosystem then you’re half the way there with investments made.
And it’s not just in banking – it’s true for any sector and we’re speaking to many others who are keen to emulate what’s been achieved with Open Banking and the value it creates.
Raidiam have been at the forefront of ecosystem creation since 2016. We have experience and expertise unmatched by anyone else, from developing and delivering national data sharing initiatives to platforms for individual enterprises. Our Raidiam Connect technology is in use globally, either directly or indirectly, powering the leading data sharing ecosystems in the world. It provides you with all the technologies and tools to create and control your own data sharing ecosystem, quickly and cost effectively.
Get in touch to find out more about we can help you explore how to get the most value out of your data.
P.S. While you’re at it, check out our Ecosystem Checklist for a handy guide to all the key considerations involved in designing your own.