PERSONAL DATA USE IN FINANCIAL SERVICES AND THE ROLE OF FINANCIAL EDUCATION A CONSUMER-CENTRIC ANALYSIS 1 Personal Data Use in Financial Services and the Role of Financial Education A consumer-centric analysis PUBE Please cite this publication as: OECD (2020), Personal Data Use in Financial Services and the Role of Financial Education: A Consumer- Centric Analysis www.oecd.org/daf/fin/financial-education/Personal-Data-Use-in-Financial-Services-and- the-Role-of-Financial-Education.pdf. This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. © OECD 2020 You can copy, download or print OECD content for your own use, and you can include excerpts from OECD publications, databases and multimedia products in your own documents, presentations, blogs, websites and teaching materials, provided that suitable acknowledgment of OECD as source and copyright owner is given. All requests for commercial use and translation rights should be submitted to
[email protected]. │ 1 Foreword Technological innovations have greatly increased the capacity of financial services providers to capture, store, combine and analyse a wide variety of customer data, such as their financial situation, preferences, habits and physical location. These trends can bring obenefits t consumers, but come with new risks specific to the financial services sector that may require a comprehensive policy response. Positive outcomes include potentially cheaper and more relevant financial products and access to credit for those without any traditional credit record. In parallel, consumers may not be aware of the extent to which their data is being used.