Personal Data in Financial Services

While demonstrating advantages in speed, efficiency, productivity, communication, connectivity, safety and security, emerging technology in many sectors is also causing concern. Collection and analysis of consumer data has become extraordinarily sophisticated and consumers are no longer able to protect their personal information while carrying out everyday activities. Personal data can be compromised by data leaks, breaches and hacks but there is also evidence of discrimination and surveillance within data collection and storage platforms. In some cases, the decisions that consumers make can contribute to a digital footprint or profile which can be used to identify them and make decisions about them. Emerging technology has no responsibility and there is little restriction in place for its use. New technology is now understood better by third parties than it is by the institutions that invest in it or the consumers themselves. The effects of these outcomes are disproportionately worse for consumers in some sectors and this article investigates the consequences of weak protection regimes in the face of the power and force of the digital revolution.