4 charts, Member Exclusive

Data Minimization: The growing need to minimize consumer financial data, in 4 charts

  • 87% of consumers think data minimization should be done but only 41% believe that it is happening
  • Consumer’s opinions stand united across party lines.
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Data Minimization: The growing need to minimize consumer financial data, in 4 charts

Over the past few years, data has been likened to multiple natural resources like oil and gold. However, unlike oil and gold, data (particularly Big Data) is quite new and poorly understood. Its novelty and sheer volume pose complex questions around ownership and privacy in the digital world and continue to confound consumers, regulators, FIs, and data aggregators alike.

A report by the Financial Health Network sheds light on how consumers understand and feel about existing practices in the financial data ecosystem. Increasingly data is becoming the key determinant of how we experience the online and offline world. I don’t know how useful comparing data to gold or oil is for those who produce it (consumers) but it does betray how valuable data can prove to be for those who have loads of it.

The question is if consumers really understand the depth of what is known about their financial activities and moreover, are they okay with it?

1) The question of should:

Fig13-ConsumerDataRightsReport-FHN

 


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