The Growing Need to Minimize Consumer Financial Data, in 4 Charts – Tearsheet

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In recent years, data has been equated with multiple natural resources like oil and gold. However, unlike oil and gold, data (especially Big Data) is quite new and poorly understood. Its novelty and massive volume pose complex questions about ownership and privacy in the digital world and continue to confuse consumers, regulators, FIs and data aggregators.

A report by the Financial Health Network sheds light on how consumers understand and feel about existing practices in the financial data ecosystem. Increasingly, data is becoming the defining factor in our experience of the online and offline world. I don’t know how useful comparing data to gold or oil is for those who produce it (consumers), but it betrays how valuable data can be for those who have a lot of it.

The question is whether consumers really understand the depth of what is known about their financial activities and, moreover, are they okay with it?

1) The question should:


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