The use of consumer data in financial services
Three European Banking bodies just released a new set of common principles on cyber security, data and technology, hoping to boost dialogue between policy-makers, industry and stakeholders on the issues. The aim is to encourage global policy measures on cyber security and data management.
The principles were published in a paper that now has been handed over to the Financial Stability Board and the International Organization of Securities Commissions for review.
But they are not the only ones raising the issue. This week, the European Banking Authority launched a public consultation on the innovative uses of consumer data by financial institutions to assess risks and benefits for customers and financial institutions.
The consultation and the new set of principles comes at a time when an increasing amount of banks and financial institutions are talking about the use of big data. At a bank conference in Stockholm this week, both Annika Falkengren, SEB and Kasper von Koskull, Nordea highlighted that they are going to increase the use and analysis of customers’ personal data. At the same conference, Anna Felländer, Digital and Futuring Economist at Swedbank, stated that customer data is the banks’ new gold.