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Increased efficiency: standard record of a notice and its data processing activity will dramatically reduced processing times for transactions and digitally identity account management tasks, passwords and resets, by enabling individuals to handle access, control and governance of private and decentralised personal data sources, much faster compared to current KYC, AML approaches without digital consent.
Improved accuracy and compliance: Data minimization is no longer an security risk with services as the individual self-identifies and then provides a verifiable credential to an authentic third party source, who can govern the legitimacy of the request, addressing the gap in which the indivdual is burdened with governing execessive requests for PII from service providers. Making Consent by Design Transparency and consent mechanism safe for children and youth, and community.
With the Individual service user being able to authorize access to their data profiles and services account information with a consent token, as well as to object to processing in various technical ways, by locking, blocking, suspending and recover data profiles and services accounts. In order to minimize errors of commission and omission that were common in service based data processing systems. This increased accuracy in record-keeping and consented data interactions (and subsequent consent based transactions).
Self-identification with ANCR’D Verified Credential - Enhanced human, community experience: Consent by Design highlights the individuals ability to self assert, and self-identify with digital identifier technologies. Enabling identity systems with tools set for individuals to have personal control over personal data profi;es they might have. to eliminated the need for 3rd parties, removing an entire level of permission friction which frusterates customers and their user experience, dealing with bots, AI, automated phone services, and administrative queues dealing with online services activities. This made digital identity more pleasant and competitive.
Cost reduction: The move was described as a way to reduce the costs of digital identiyt management and security associated with contract based privacy and digital identity management systems.
Expanded service offerings: Digital consent, opens up a wider range of access to retail services prevented by current surveillance based advertising models, providing direct to retail purchasing and suppy options never before accessible. Decentralisd data governance enables consent based service options.
Real-time data control: This transition is characterized as a move towards real-time, data transparency and control for individuals in online systems that could / will eventually provide up-to-date data processing information and faster more timely and beneifitial data processing services.
Improved personal data security: reduce and eliminating data breaches - CbD emphasizes enhanced security measures that co me with co-regulated personal data control systems vs data protection based systems, including encryption and multi-factor authorisations, using verifiable credentials. removing need for 3rd party identity service risks, for peer to peer authentication.
Scalability and flexibility: The CbD governance systems are described as a way to enhance existing systmes to make them interoperable, scalable and flexible, allowing service providers to easily adapt to growing data governance and security challengs, and diverse financial needs.
Consent Credit Systems used for multi-currency management capabilities: Banks highlighted the ability of computerized systems to handle multiple currencies more efficiently.
Data management and analysis: The move was presented as an opportunity to better manage and analyze customer data, leading to improved decision-making and personalized services.
Overall, banks portrayed ANCR: CbD enables the transition to computerized bank accounts as personal data control andas a necessary and beneficial evolution that modernized their the operations, of services for improved customer service, and positioned them for future growth in the digital age.
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