
Date of publication 23 March 2020
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Technological innovations have greatly increased the capacity of financial services providers to capture, store, combine and analyse a wide variety of customer data, such as their financial situation, preferences, habits and physical location.
These trends can bring benefits to consumers, but come with new risks specific to the financial services sector that may require a comprehensive policy response. Positive outcomes include potentially cheaper and more relevant financial products and access to credit for those without any traditional credit record. In parallel, consumers may not be aware of the extent to which their data is being used. For example, consumers may risk marginalisation as a result of opaque and potentially unfair data-mining practices, or find themselves exposed to fraud and cybercrime.
This report reviews the risks and benefits of these technological developments and suggests policy options to protect consumers, combining robust financial and personal data protection and greater consumer awareness and financial education. It was developed as part of the programme of work of the OECD International Network on Financial Education’s (INFE) Working Group on Digital Financial Literacy.
Contact
Andrea Grifoni, Policy Advisor, Consumer Finance, Insurance and Pensions Division SecretariatINFE@oecd.org
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