Regulatory Trends and Emerging Practices in Access to Customer Data, Portability and Data Sharing in the Financial Services Sector
Data Synergies Pty Limited 2 Sept (rev 3 Dec) 2017
29 Pages Posted: 30 Oct 2018
Date Written: December 3, 2017
Most commentators, whether or not ‘privacy advocates’, agree that laws that give individuals transparency and a degree of control over how sensitive personal data about them is handled by others are essential for ensuring that people will be treated fairly in today’s data-rich world. But some questions remain in high contention. Who should be entitled to capture the value of capture and transformations of data? Should control over uses of data extend to a right to share in value derived from that data? Is so, what is a fair share for consumers? Once we start to think about abstract concepts of ‘data value’ and ‘fairness’, how do we reconcile such abstractions with consumer protection laws, laws relating to intellectual property and confidential information (trade secrets), and with privacy and data protection laws? How can we sensibly address sharing of data value, and questions of mandating sharing through new law or regulation, when we have little idea as to how data uses and applications will evolve over any period of time longer than, say, 24 months, or which entities will capture that value? This paper does not attempt to answer each of these questions: even expert commentators differ as to how data uses and applications will evolve, and what value will be created and by whom, in the future. It is also fair to say that we are so early in thinking systematically about data value that questions such as these are seldom formulated and rigorously examined. This paper endeavors to stimulate a discussion about the ‘here and now’ questions about uses of consumer data, including whether to confer upon individuals new rights in data about them? The focus in this paper is the financial services sector and collection and use of customer data by financial service providers within that sector.
Keywords: Data Portability, Open Banking, Consumer Data Right, Financial Services Data
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