Research On Legal Protection Of Financial Consumer Information In Open Banking

Open banking is an innovation of traditional business by commercial banks with the help of financial science and technology.Its core is the sharing and utilization of financial consumer information and the full mining of information value,to satisfy the interests of all parties in the process of information sharing.But in the life cycle of information sharing,financial consumer information faces many risks,such as information leakage and misuse.Since the legal system is the foundation of industrial development,the development process and system design of open banking should fully embody the unity of opposites between information security and information efficiency.In the process of designing and developing the open banking system,effective coordination must be in place to solve the conflict between the security of personal financial information and the efficiency of the financial industry development rights and interests fairly,and give tilt protection to financial consumer information.In contrast with the deep mining and using of financial consumer information in the Open banking development,the security of financial consumer information is lagging behind.Under the current personal information security system in China,personal information is mainly secured by Civil law.But with the development of The Information Age,personal information not only falls under private law,but has developed characteristics covered in public law.This feature stands out in the rights and interests of financial consumer information.In financial transactions,financial consumers are placed in an inferior economic and informational position,and the open banking development has made it worse.Compared with the existing personal information security system which focuses on private interests,the“private interests + public interests” security mode can provide more comprehensive security for personal information.To bring the rights and interests of financial consumer information into the category of economic law rights would better serve the security purpose in line with the concept of economic law giving tilt protection to customers.Moreover,information sharing has constantly extended the life cycle of information,broadened the scope of information use and involved more participants.This puts forward new requirements for protecting personal information security.The security mode of financial consumers' information rights and interests should be replaced from a static one to a dynamic one.The traditional afterwards relief measures should move into the whole-process protection model of covering ex-ante and interim safeguards and coordinating with ex-post relief.The coordination mechanism of private rights protection and administrative supervision should be optimized,and the ex-post relief measures should be improved.The existing laws and regulations,such as the Civil Code and the Law on the Protection of Personal Information,provide general principles in the securities of financial consumers' information rights and interests,but lack targeted legal regulations on the particularity and risk of financial information.At the same time,the validity of other institutional documents on regulating financial consumers' information rights and interests is at a lower level,which leads to the occasional cases of infringement of financial consumers' information rights and interests in the development of open banking.The security of the rights and interests of financial consumers' information is thus particularly urgent,and specialized discussions and reviews of the financial consumer information security in the context of open banking.A deep exploration of the legal protection mechanism for financial consumer information in open banking in China can help to build and improve the financial consumers' information security system,and strengthen the protection of consumers' legitimate rights and interests.It can also contribute to the regulated financial consumer information collection,mining,utilization and sharing by commercial banks and third-party institutions,and more united and coordinated of the development of the open banking industry and the security of financial consumer information.With the goal of constructing and improving the financial consumer information protection system,this article firstly summarizes the connotation,characteristics,operation mode and current development status of open banking at home and abroad,and clarifies that the core of open banking lies in information sharing;secondly,it analyzes open banking Financial consumer information security issues triggered by development.Although open banking can promote financial innovation and improve the efficiency of financial consumers,commercial banks,and third-party sharing platforms,it also brings risks such as leakage,abuse,and inappropriate discrimination of financial consumer information in the storage,use,and protection stages.If the above risks are not handled properly,it will not only damage the fair competition order and consumer rights,but also may endanger the stability of the country's financial system.Thirdly,the basic principles,protection paths and responsibility allocation of financial consumer information protection in Open Banking are studied and judged.Specifically,the protection of financial consumer information in the Open Bank should follow the principle of safety first,voluntary principle,equal protection of third parties,and principle of substantial fairness,adopt a variety of adjustment methods including tort law,and reasonably allocate financial consumers Information protection responsibility;Finally,it analyzes the shortcomings of my country's financial consumer information protection system and the corresponding improvement paths.At present,in the field of open banking financial consumer information protection in my country,regulations on the protection of financial consumer information are overly dependent on regulatory documents,the existing regulations on the protection of financial consumer information are too principled,and the protection model of post-relief cannot provide extensive protection.The problem of inadequate administrative supervision power in the medium relief protection model.In this regard,it is necessary to refine the connotation of financial consumer information rights,distinguish and protect financial consumer information,improve the accountability mechanism for financial consumer information protection,and strengthen financial consumer information protection Administrative supervision and improvement of other configuration systems for the protection of financial consumer information.In summary,this article focuses on the development of open banking facing the conflict between information sharing and utilization and information security,and strives to achieve a balance between fairness and efficiency through institutional construction.The key to the balance between the two is that the protection of information rights of financial consumers should shift from the concept of equality to the concept of inclined protection of financial consumers,from behavior-oriented to rights-oriented,from efficiency priority to rights protection priority,and a static protection mode that focuses on post-relief.The dynamic protection mode of the coordination of administrative supervision and civil remedies.