11 Jul '18, 9pm

British watchdog warns financial firms over use of Big Data Read more here:

BRITAIN'S banks and insurers must take the lead in spelling out how they will use data collected from customers or they could face new rules, Financial Conduct Authority (FCA) chair Charles Randell said on Wednesday. The use of Big Data requires good communication so that consumers understand and accept a firm's approach to using their data and do not end up being "disenfranchised", he said. In the financial sector, insurers are looking to ramp up their use of Big Data, including social media use, to price motor or home insurance more accurately, rewarding customers considered lower-risk, such as those with good driving habits; some insurers offer lower health insurance premiums based on regular gym attendance. sentifi.com Market voices on: Mr Randell said: "By good communication, I don't mean pages and pages of obscure disclosures, disclaimers and consents. I mean short, ...

Full article: https://www.businesstimes.com.sg/banking-finance/british-...

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