MX's Chief Advocacy Officer, @Jane_Barratt, joined a panel today at @FintechGen, speaking on Data & Consumer Privacy Legislation. Sharing highlights below. 
"We truly believe at MX that people do own their data and there should be some sort of consumer data right in place." - @Jane_Barratt @FintechGen
I would hope that 5-10 years from now we’d look back on this question of: “Is it our role to help protect consumer’s financial data?” as anachronistic. - @Jane_Barratt
When it comes to consumer data, we need guardrails in place to avoid a free-for-all. Both laws and technical/contractual guard rails that ensure the bad actors don’t proliferate. We have enough bad actors already, let’s not enable more into the ecosystem. - @Jane_Barratt
One example: going from screen-scraping to token-based data sharing. That’s a guard rail.
No more opening up your bank acct to anyone who asks for your credentials. There will be tokens put in place which say: 'this use case is for a mortgage app or budgeting app, etc'
No more opening up your bank acct to anyone who asks for your credentials. There will be tokens put in place which say: 'this use case is for a mortgage app or budgeting app, etc'
We need guardrails so it’s not the massive free for all, feeding trough of consumer data, that can go anywhere. @Jane_Barratt
#openfinance #openbanking
#openfinance #openbanking
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