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Fintech Belgium Summit 2017 - GDPR by Sari DEPREEUW

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Data, profiling and GDPR by Sari DEPREEUW.

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Fintech Belgium Summit 2017 - GDPR by Sari DEPREEUW

  1. 1. Data, profiling & GDPR Sari DEPREEUW FinTech Belgium Summit 2017 Brussels 14 December 2017 1
  2. 2. PSD2 2
  3. 3. GDPR • General Data Protection Regulation (« GDPR ») • Profiling (art. 4.4 GDPR) “Any form of automated processing of personal data consisting of the use of personal data to evaluate certain personal aspects relating to a natural person, in particular to analyse or predict aspects concerning that natural person's performance at work, economic situation, health, personal preferences, interests, reliability, behaviour, location or movements” 3
  4. 4. Profiling under GDPR • Data processing principles • Lawfulness, fairness and transparency • Purpose limitation • Data minimisation • Accuracy 4
  5. 5. Banks • Data minimisation – Defined data corpus – Source: Financial transactions – Additional data from data brokers? • Purpose limitation – Personalised financial services – Fraud detection – Risk assessment (credit scoring) – Offer new financial services • Accuracy – Who knows? Data rich fintech • Data minimisation – Virtually unlimted data – Source: Search, e-mail, entertainment, browser, operating system,... • Purpose limitation – Personalised services (i.e. search, e-mail, entertainment, browsing, use of apps) – Advertisement – Offer new services of any kind • Accuracy – Surprisingly so 5
  6. 6. Conclusion • Unequal access to data – Institutional banks – Fintech startups – Established internet companies in fintech • Unequal compliance with GDPR – Data minimisation, purpose limitation • Answers? – GDPR not between competitors – Unfair commercial practices? – Competition law? – Innovation & partnerships 6
  7. 7. Many thanks, sdp@daldewolf.com 7

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