Research On The Protection And Regulation Of Personal Financial Data Of Open Banking Under The Background Of Digital Finance

The rapid development of Internet technology has brought about changes in the times,and the financial field has also undergone earth-shaking changes.The constantly innovative financial market and financial services in the digital financial era have changed people’s lifestyles and habits to a large extent.and data resources have attracted the attention of all parties.Open Banking is the product of the rapid development of financial technology and the increasing value of data.The core of Open Banking is based on the business integration and innovation brought about by the sharing of data between banks and third parties.At the same time,our country’s research and regulations on Open Banking,especially the use of personal financial data in Open Banking,are lagging behind and cannot meet the needs of current development.In this context,this paper studies the development model of Open Banking and the use of personal financial data,in order to provide useful suggestions for the supervision of Open Banking personal financial data.This paper firstly distinguishes and analyzes the basic connotations of Open Banking and personal financial data,such as its nature,definition,model,etc.,distinguishes the development mode and management method of Open Banking in various countries,and clarifies the characteristics and rights and interests of personal financial data.It lays the foundation for the following specific institutional research Then,analyzing the shortcomings of the protection and regulation of personal financial data under the current Open Banking model in my country and the reasons for the formation of the shortcomings at the overall system construction at the macro level and the specific operating mechanism at the micro level.The third part is to analyze the risks faced by personal financial data and the characteristics of risks under the Open Banking model.Based on the above risk characteristics,combined with the "scenario" theory,the general idea of personal financial data protection in Open Banking is put forward.Finally,On the basis of combining the existing deficiencies and the general idea of protection,draw lessons from foreign practical experience,this paper proposes a perfect path for the protection and regulation of personal financial data under the Open Banking model in my country.To deal with the current shortcomings from the construction of the overall supervision system and the optimization of the specific operation mechanism: in terms of the construction of the general regulation system,in terms of legislation,it is necessary to improve the legal system for the protection of personal financial data of the Open Banking,distinguish between data and information,and Personal financial data is targeted for legislation,and big data thinking should be used in legislation to balance the interests of individuals and Open Banking;in terms of supervision,the establishment of regulatory agencies should be clearly defined at different stages of development,and the scope of authority enjoyed by regulatory agencies should be clarified.It is proposed to build a hierarchical supervision model of "financial institutions-industry self-regulatory organizations-regulatory agencies" and set up a "personal financial data protection label" system to achieve the optimization and upgrading of the supervision model;judicially,set up a system of inversion of the burden of proof,and open banks and third-party institutions participating in data sharing to prove that there is no causal relationship or no fault,establish a multi-level and allround dispute resolution system of "Open Banking-regulatory-judicial channels",and set up multiple infringement relief channels,Reduce the cost of rights protection and reduce the pressure on judicial organs.In terms of optimizing the specific operation mechanism,first,it is necessary to improve the "informed-consent" personal financial data authorization model,make a detailed distinction between the application of the "informed consent" model,and differentiate the specific circumstances to carry out different levels of authorization,and rely on the development of big data.Evolve the application of this model;the second is to set up a third-party screening method for the use and sharing of personal financial data under the Open Banking model,and to set up general access standards and a "whitelist" of third-party institutions to prevent thirdparty institutions.Risks caused by uneven data protection capabilities.