Step into an enlightening discussion with Frederik Lebeau, the CEO and co-founder of Datavillage, as we explore the transformative power of data collaboration within the finance and media industries. Discover how technological advancements and market presence foster this paradigm shift in data collaboration. Learn about the thrilling prospects of open finance, the potential for collaborative anti-money laundering efforts and the influence of the upcoming PSR-PLD3 regulation.
As we navigate this conversation, we'll shed light on the emerging use cases in the market, such as confidential data collaboration aimed at enhancing credit access for SMEs. We'll also ponder over the unique challenges large organizations face in operating across various departments, entities, and jurisdictions and how data collaboration could be the answer. Uncover how the maturity of technologies like confidential computing coupled with AI and large language models transforms perceptions towards data collaboration. So, get ready to immerse yourself in a captivating dialogue that pushes the boundaries of what we know about data collaboration.
Thank you for tuning into our podcast about global trends in the FinTech industry.
Check out our podcast channel.
Learn more about The Connector.
Follow us on LinkedIn.
Cheers
Koen Vanderhoydonk
koen.vanderhoydonk@jointheconnector.com
#FinTech #RegTech #Scaleup #WealthTech
Step into an enlightening discussion with Frederik Lebeau, the CEO and co-founder of Datavillage, as we explore the transformative power of data collaboration within the finance and media industries. Discover how technological advancements and market presence foster this paradigm shift in data collaboration. Learn about the thrilling prospects of open finance, the potential for collaborative anti-money laundering efforts and the influence of the upcoming PSR-PLD3 regulation.
As we navigate this conversation, we'll shed light on the emerging use cases in the market, such as confidential data collaboration aimed at enhancing credit access for SMEs. We'll also ponder over the unique challenges large organizations face in operating across various departments, entities, and jurisdictions and how data collaboration could be the answer. Uncover how the maturity of technologies like confidential computing coupled with AI and large language models transforms perceptions towards data collaboration. So, get ready to immerse yourself in a captivating dialogue that pushes the boundaries of what we know about data collaboration.
Thank you for tuning into our podcast about global trends in the FinTech industry.
Check out our podcast channel.
Learn more about The Connector.
Follow us on LinkedIn.
Cheers
Koen Vanderhoydonk
koen.vanderhoydonk@jointheconnector.com
#FinTech #RegTech #Scaleup #WealthTech
Welcome to the Connector podcast, an ongoing conversation connecting fintechs, banks and regulators worldwide. Join CEO and founder Koen van der Hoijdon as you learn more about the latest available trends and solutions in the markets.
Speaker 2:Welcome to another episode, the collaboration between Belgium Fintech and the Connector, and today I have a guest which already interviewed once a couple of months ago. His name is Friedrich and he is the CEO and co-founder of Data Village. Friedrich, can you introduce yourself again to the audience?
Speaker 3:Nice to meet you, koen, and thank you for the opportunity to do a nice podcast of fully again together. So, yeah, I'm Friedrich Lebeau, co-founder and CEO of Data Village. My background is in the financial industry, so I've worked more or less 20 years in the financial industry on multiple topics, from cybersecurity to emerging technology, architecture and so forth. And, yeah, at some point in time, I had the need to create something and something around data. So that's why we created Data Village and to find a way to unlock all these sensitive data across the world.
Speaker 2:Interesting Since our last conversation. How has Data Village evolved in terms of, maybe, technology, but also on market presence?
Speaker 3:Yeah, sure. So we did some significant advancement on both aspects, so on the technology and the market reach. So let me first start with the market presence. So we are now actively engaging on Dutch market and UK market, so not only on the Belgium market, and our primary focus remains both industry, meaning finance and media industry, and the main reason is because these two industries are, let's say, high demanding for confidential collaboration. There is typically in the financial sector a lot of interest in the opportunities around open finance. And how to make this happen through collaboration Can talk a bit further later. But also we see a trend around collaborative antimony laundering and especially in regards to the upcoming regulation PSR-PLD3, which is about promoting the exchange of data and sensitive personal data to enable better fraud detection.
Speaker 2:I mean, when we first met, we talked about magic, which was combining two data sources without getting insights, without jeopardizing privacy. Has there any been like new use cases that came to the market? I mean, anti-money laundry was something on the agenda for a long time, but has there been any new use cases that came across?
Speaker 3:Yes, definitely. So. There are use case around credits and being able to provide better credit meaning being able to attribute a credit but also to revoke credit if it does not fit and we are actively working on this type of use case on the UK market with a coalition around open finance, and it's about giving a way to access credit for SME, and the challenge there, of course, is about combining sensitive data from multiple horizons. So that's where confidential collaboration is very useful. We see also a lot of interest at the level of organization, especially large organization that have that need and challenges to provide services across departments, across entities and across jurisdiction, especially these central entity that have that role to make things happen between all the local entity. But they have that challenge about regulation and how they can guarantee that confidentiality and privacy across different countries and these type of constraints. So there are a lot of use cases around large organization.
Speaker 2:Would you say, then the perception against data collaboration is changed.
Speaker 3:It's evolving quite fast, I would say. Organizations start to understand that some of the challenges they are facing they will not be able to solve in their own data silo.
Speaker 3:So that's why organizations are looking in the direction.
Speaker 3:There are also multiple reports, you know, especially from Gartner, talking about the opportunity and the upcoming opportunity around collaboration.
Speaker 3:There are two other things that are now and that's what we see, triggering, you know, that interest into collaboration, the first one being the maturity of technology such as confidential computing. So organization and we see a very strong evolution during the last six months the organizations start to understand that this technology is now major and, of course, cloud provider works a lot to make this technology major enough at scale for organization. But they start especially to understand which part of this technology are transformative and what type of use case this technology can enable compared to what they are able to achieve right now. That's one thing. The other thing, of course, I would say obviously, is all the things around AI and all the things around large language model. There's a lot, of course, of interest around that topic, but there is, of course, also a lot of concern regarding confidentiality and privacy and usually you need data from different sources could be different departments, different entities to make this technology efficient or interesting for an organization, and that's where you see also an increasing interest in data collaboration to feed this.
Speaker 3:you know large language model and AI to get better insight with this data coming from a different horizon. With the necessary protection, if you want, of course that's the main concern, especially in the financial industry.
Speaker 2:Because I remember in our last conversation we also talked about challenges, but at the time one of the big challenges was the quality of data at financial institutions. Would you say that there also was some progress that's been made in the last year?
Speaker 3:It's still a challenge. Of course, the large organization, the financial institution and that's the same in more or less all industry, are still in the path to improve the quality of their data. Nevertheless, if you focus on one specific or two specific use cases, you can meet that quality. It's not that you need to reach out the quality on all your data. Better to select which use case you want to focus on, which business value you want to get, and then you can reach that data quality.
Speaker 3:The challenge that we see around collaboration is more about trust and liability. So let's take the assumption that the quality of the data are there, which is most of the time the case in the use case we are working on. The main question is how can we make sure that different participants of collaboration will engage, will the trust will be high enough and who will be liable of what? These are the two main questions. This is exactly there that our solution can help.
Speaker 3:Of course, it's not that the technology can solve all that problem, but at least technology, and especially our technology, can help, because by providing these secure and fully confidential environments, the trust to the participant is very high, because the participant can always verify. We always say trust but verify, so they can always verify that it's highly secure and protected environment. And for the liability, the entity department team that will manage that collaboration, because at some point in time you need someone that will run that collaboration somewhere. By letting them that way to never see the data, it makes them happy because they will not be. It reduced their liability or at least they can make sure that nobody can see the data. So we are not. We reduce that liability regarding the different participants.
Speaker 2:It almost sounds like a complete B2B story that you bring. But I'm wondering, if you bring in the C, the customer, the consumer, how did you see the role of the consumer changing in terms of consent in this particular case?
Speaker 3:It's a very good question and it's we do learning more or less every month on that aspect. The last one I wanted to share with you is around what I call now bulk consent. So there is a consumer. I never heard about that.
Speaker 2:Sorry, that's new for me.
Speaker 3:Let me explain a bit. Thank you. Of course, consent is very important If, of course, you deal with personal data. So you got the point. In a B2B landscape, landscape, enterprise data, usually there's not that concern. It's more about confidentiality. When you want to engage with personal data, the consent needs to be part of the journey. It's a very important use case in open finance. Usually you always have would it be an individual or a corporate mandate? There is always a consent in it because usually you need at least to get access to the transactional data and then you can enrich these data with other data.
Speaker 3:Especially in the open finance and that's the case also in the media industry we see more and more the need to bring something very user friendly and easy to understand to the end user to manage consent from multiple sources, which means that you can handle in, let's say, one screen just make it a bit visual, so much more technical but in one screen you can handle a consent for multiple sources coming even from different organizations. That's what I call bull consent. It was from an end user point of view. It's not that you have to go to each organization, give your consent to each organization. Again, you can go through what I call a bull consent, and this is something that we see now coming, as I told you, in open finance, finance and also in the media industry. It's not an idea, it's more really a concern in the user journey to make the user journey smart enough or frictionless to have that new product accessible for the end user.
Speaker 2:Now we're talking about things that are happening in the future. One other thing is happening in the future, which brings me to the last question. Also is the digital finance summit very soon, on the 8th of December. What are you hoping to get out of it?
Speaker 3:Primary goal is to have a rewarding day similar to the positive experience we had last year. Dfs is definitely an excellent event, with very good keynotes, panels and also a mix of industry, professional from organization, lag organization, financial institution and start-up. That's what we like and that's definitely what we are looking for. Also, next week is about engaging, of course, with the attendees, being able to listen to these very good keynotes and panels, also participate I have the opportunity to participate to one panel and, of course, showcasing and making some demo of our products. So we have a booth also at the DFS, so we'll be much more than happy to showcase what we are doing.
Speaker 2:Amazing, Everyone listening. Please come over and come and see Frederick, but in case they don't, where do they find you then?
Speaker 3:Website. They can reach out on the website. So email contact at data village dot me. They are also a way to schedule a meeting through our website, through LinkedIn also.
Speaker 2:So yeah, the usual way to contact them. The usual way. Frederick, thank you so much for joining me again Second time in this podcast. Thank you also to the audience for tuning in and wishing you all a good day and hope to hear you soon. Bye, bye, thank you.
Speaker 1:Thanks for listening to another episode of the Connector podcast. To connect and keep up to date with all the latest, head over to wwwjointheconnectorcom or hit subscribe via your podcast streaming platform.