This submission has been written at a moment in time where data privacy and security issues are on the world’s front pages and consumer awareness over the collection, use and potential abuse of personal data is growing exponentially.
For the past two decades, consumers have experienced the innumerable benefits of new technology, innovation and data with the commensurate positive impact on their private, social, financial and working lives. The speed of these changes has been bewildering, so it is only now that consumer understanding of the full impact of these changes is dawning on them with a growing awareness of the true down-side of digital innovation. From world-wide data breaches and increased direct marketing and targeting, to the rise of price discrimination, the segmentation of populations and even the potential undermining of the political process, consumers are beginning to more fully understand the implications of what they have signed up for.
Consumers are therefore entering into the Open Banking regime with a mix of expectation and wariness.
