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Financial Consumer Protection and New Forms of Data Processing Beyond Credit Reporting
World Bank Open Knowledge Repository (formerly "World Bank E-Library Publications") Available online
View online- Format:
- Book
- Government document
- Author/Creator:
- World Bank Group.
- Series:
- Other papers.
- World Bank e-Library.
- Other papers
- Language:
- English
- Subjects (All):
- Big data.
- Consumer protection.
- Discrimination.
- E-Finance and E-Security.
- Finance and financial sector development.
- Financial services.
- Information and communication technologies.
- Local Subjects:
- Big data.
- Consumer protection.
- Discrimination.
- E-Finance and E-Security.
- Finance and financial sector development.
- Financial services.
- Information and communication technologies.
- Place of Publication:
- Washington, D.C. : The World Bank, 2018.
- System Details:
- data file
- Summary:
- New sources of data, as well as new ways of processing such data, have contributed to an ongoing expansion in the availability of digital financial services (DFS) to served, underserved, and unserved consumers. Such data is being used to design and market customer-centric digital financial services, create credit scores for consumers with limited credit histories, meet and facilitate know-your-customer requirements, and minimize the risk of fraud. Yet a great variety of personal information may be used and processed in this context. This discussion note provides an overview of consumer-related benefits and risks arising from the usage of new types of data, beyond traditional credit-reporting frameworks. The note also identifies areas for further research.
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