Potential of Big Data and
Considerations in Consumer
Protection
Louis de Koker, Senior Policy Advisor, CGAP
Global Symposium on Innovative Financial Inclusion
World Bank Group/Bank Negara Malaysia
Kuala Lumpur, 21-22 September 2016
BIG DATA: OPPORTUNITIES AND CHALLENGES
2
Fast-developing data sciences provide
exciting opportunities but also challenges:
Lack of conceptual clarity
Discipline silos and canyons
Proprietary information
Uncertain large-scale results for
consumers
Uncertain Indirect impact
IMPORTANT POLICY THEME
3
A range of current and continuing investigations and
consultations, e.g.
UN Human Rights Council's special rapporteur on the right to privacy:
Big Data
Federal Trade Commission Big Data: A Tool for Inclusion or
Exclusion? Understanding the Issues (2016)
White House Big Data: A Report on Algorithmic Systems,
Opportunity, and Civil Rights (2016)
Office of the Privacy Commissioner of Canada Consent and Privacy
(2016)
Office of the Australian Information Commissioner Guide to Big Data
and the Australian Privacy Principles (2016)
Outline
Two themes for this brief presentation:
1. Data-related opportunities and challenges
2. Automated analysis of data
4
DATA-RELATED OPPORTUNITIES
5
Data volume
Internet of things
Consumer analysis supporting appropriate services
Fraud and scam identification
KYC
About 1,8 billion persons lack a legal identity (ID2020)
India – e-KYC
Pattern of life analysis
DATA-RELATED CHALLENGES
6
Consent usage principles are challenged
Complexity
Blurring of data concepts
Cyber security
Vulnerable mobile devices
Vulnerable systems
More than 500 million digital identities were exposed or stolen in 2015
(Symantec)
Enabling identity fraud and cyber attacks
AUTOMATED ANALYSIS
Algorithms developed and improved by machine learning
Analytical processes lacking transparency
May mask bias
Difficult to identify errors
Enhanced profiling may enable targeting of vulnerable
consumers
7
Ensuring
sufficient
protection
without
stifling the
development
of new
technology
8 Photo: Erwinanto
Setiahardja, 2015 CGAP
Photo Contest
9
CONCLUSION
Moving forward
Multi-disciplinary collaboration to map and assess impact and
opportunities of Big Data in different communities and
countries
Regulatory, supervisory and governance capacity building
Advancing financial inclusion to improve the lives of the poor
www.cgap.org 10
Top Related