Finding the Best Solutions to Adequately Protect Consumers’ Financial Privacy in the New Era of Financial Services

Finding the Best Solutions to Adequately Protect Consumers’ Financial Privacy in the New Era of Financial Services

 

Title
Finding the Best Solutions to Adequately Protect Consumers’ Financial Privacy in the New Era of Financial Services
Author
Yu-Ting Lin
Keywords
financial privacy, opt-in, opt-out, wealth management, Gramm-Leach-Bliley Act
Abstract
Financial Privacy means that a person owns the civil right to exclusively decide
how one’s financial information and data are collected, disclosed and processed.
Also, in recent years, with the emerging tide of the financial aggregation accompanied
with great development of technology, the wealth management has
taken the lead role in the industry and the customers are introduced to an era of
tailor-made and elaborated financial services. Meanwhile, the catch is that the financial
institutions’ customers have to join in to the big, comprehensive, and ambitious
data-collection pool and have their financial privacy right diluted.
We’re working on the project to have the financial service and the institutions
well regulated now in Taiwan. While it is an important beginning to have the financial
institutions’ conduct of business regulated, this paper plans to provide some
discussions and suggestions as to how to provide some level of protections to the
personal financial data collected by the financial institution by making laws and
promulgating regulations. This paper exams the idea and contents of financial privacy
as well as the characters of the wealth management, and also develops the
comparative study of the US and Taiwan Law. Moreover, this paper elaborates the
pros and cons of the two dominant models regulating the FIs’ usage of customers’ information and data – opt-in and opt-out.
This paper concludes that, adopting opt-out option for affiliate sharing, opt-in
option for sensitive information sharing and non-affiliate sharing, and the rights to
access and to correct the personal data are the least but not the last things to well
protect the customers’ financial privacy.
Abstract Article

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