Personal Data Use in Financial Services and the Role of Financial Education: A Consumer-centric Analysis


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.


Andrea Grifoni, Policy Advisor, Consumer Finance, Insurance and Pensions Division


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