PERSONAL DATA USE AND CONSUMER AWARENESS IN THE FINANCIAL SECTOR
Corresponding author:
[email protected]
Received
04 January 2023
Revised
22 February 2023
Accepted
09 March 2023
Available Online
15 March 2023
Abstract
THE LATEST TRE NDS IN USE OF PERSONAL DATA BY THE ENTITIES OF FINANCIAL SECTOR MAY BRING ADVANTAGES FOR THE END-USER AS A TAILOR-MADE OFFER OF FINANCIAL SERVICES MAY BE MORE APPROPRIATE AND CHEAPER. BUT THIS OPPORTUNITY INCLUDES ALSO SOME RISKS AS THE AMOUNT OF DATA CENTRALIZED BY THE FINANCIAL IN STITUTIONS OR THE EXTEND TO WHICH THOSE DATA ARE USED MAY BE RESPONSIBLE FOR NEGATIVE RESULTS (CYBER-CRIME OR REJECTION OF CUSTOMERS ). THE ARTICLE IS INTENDED TO EMPIRICALLY EVALUATE WHETHER THERE IS A LINK BETWEEN THE IMPROVE MENT IN THE GDPR USE AND THE FINANCIAL LITERACY OF THE FINAL CONSUMER OF FINANCIAL SERVICES . BASED ON A QUALITATIVE ANALYSIS OF THE REGULATION IMPLEMENTED AT INTERNATIONAL LEVEL, THE PA PER SUMMARIZES THE MAIN CONCERNS OF THE NATIONAL AUTHORITIES IN ORDER TO IMPROVE THE PROTECTION OF THE CUSTOMER BY RAISING AWARENESS OF THE USE OF HIS/HER PERSONAL DATA BY THE FINANCIAL SERVICE PRO VIDERS.THE ANAL ISYS MAY BE USEFUL FOR THE PERSONAL DATA OPERAT ORS AS THEY MAY ADAPT THEIR INTERNAL POLICY TO BE COMPLIANT WITH THE LATEST PROVISIONS.
Keywords
PERSONAL DATA
CONSUMER
FINANCIAL LITERACY
DATA BREACH
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