The consumer consent model for data privacy and protection is broken. It’s time for a new data paradigm whereby financial services providers and data collectors take greater responsibility for protecting customers’ data.
Governments and funders worldwide are responding to the severe economic blow from the COVID-19 pandemic by delivering social assistance payments to families and individuals. Increasingly, they are turning to digital delivery for disbursements, which has accelerated the demand for financial services providers (FSPs) to be able to open formal financial accounts rapidly and with minimal or zero physical contact with customers.
As more and more people begin to conduct transactions online, questions have emerged about how to provide millions of customers adequate data protection and privacy. India's solution to this challenge is account aggregators (AA).
Customer outcomes approaches are emerging as a promising consumer protection paradigm where the regulatory focus shifts from provider compliance with prescriptive check-the-box rules to customer results or outcomes achieved through provider actions.