The Appropriate Use of Customer Data in Financial Services
The Appropriate Use of Customer Data in Financial Services is the result of multiple senior leadership discussions and 50+ expert interviews with executives from incumbent financial institutions, leading financially-focused technology firms, and public sector and civil society organizations. The report presents principles addressing control, security, personalization, advanced analytics, and portability aspects of the collection and use of customer data by financial institutions and fintechs.
The principles provide goalposts for how banking, insurance and financial technology companies may approach questions around appropriateness, fairness, and transparency as they increasingly rely on the collection and use of customer data in their evolving business models. Policy makers can reference the principles as they continue to shape policy and regulation for the use of data.
The Forum stakeholders have aligned on a set of global principles through a series of roundtable discussions and interviews with industry executives and experts across multiple regions, thus demonstrating the feasibility of achieving high-level consensus on customer data collection and use practices globally. In addition to the principles, the White Paper also offers a roadmap for how both public and private sector stakeholders can align with those principles.
The Appropriate Use of Customer Data in Financial Services is the result of multiple senior leadership discussions and 50+ expert interviews with executives from incumbent financial institutions, leading financially-focused technology firms, and public sector and civil society organizations. The report presents principles addressing control, security, personalization, advanced analytics, and portability aspects of the collection and use of customer data by financial institutions and fintechs.
The principles provide goalposts for how banking, insurance and financial technology companies may approach questions around appropriateness, fairness, and transparency as they increasingly rely on the collection and use of customer data in their evolving business models. Policy makers can reference the principles as they continue to shape policy and regulation for the use of data.
The Forum stakeholders have aligned on a set of global principles through a series of roundtable discussions and interviews with industry executives and experts across multiple regions, thus demonstrating the feasibility of achieving high-level consensus on customer data collection and use practices globally. In addition to the principles, the White Paper also offers a roadmap for how both public and private sector stakeholders can align with those principles.