Further to Rob Galaski's talk in the morning regarding the global status of Open Banking, Daniel Paul discusses it with respect to the EU, using the example of the GDPR.
For those looking for a quick debrief of what the GDPR is, it is essentially a document aimed at informing corporations on how to treat client information. It comprises of 6 key principles:
- Purpose Limitation
- Data Minimization - gathering only the minimal amount of data required
- Data Accuracy - everything must be accurate during the time the data is being utilized
- Confidentiality & Integrity - must be protected and confidential at all times
- Lawful - in line with existing legislation
- Individual Privacy Rights
So what does this mean to the consumer?
If an organization wants more data from you, they must explain why, how it will reside, and if it will go beyond the EU border. As a customer you also have the right to know how the data will be utilized with an increased affirmation that once the data has served its purpose, it must be deleted. If the data will serve more than one purpose, than the consent needs to be given for each of the purposes it will be used for. And, as a consumer you have the right to withdraw your consent at anytiime.
Consumer protectionism & earning consumer trust are the future.
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