Research On The Protection Of Financial Consumers From The Algorithmic Vision

Algorithms are the core of intelligent technology,which have changed from data processing tools to independent decision-making subjects.With the deepening of the application of algorithms in the financial field,the financial industry has achieved rapid development.algorithm is not only a powerful tool for financial institutions,but also has developed into an algorithm power,which subtly affects or even changes the behavior of financial consumers.The increasingly powerful algorithms are posing a threat to the rights and interests of financial consumers,and the existing financial regulatory system cannot penetrate the algorithm black box to effectively regulate the algorithms.According to Marx’s consumer theory,the protection of the rights and interests of financial consumers plays an important role in stabilizing the financial market and promoting economic development,and the ultimate goal of developing financial technology is to meet the financial needs of financial consumers.The first part of this paper is an introduction,which analyzes the research background and research significance,and expounds the research status at home and abroad.In the second part,the theoretical basis of the protection of financial consumers’ rights and interests from the perspective of the algorithm is demonstrated.Based on the basic attributes of the algorithm power theory and the rights and interests of financial consumers.At the present stage,with the rise of algorithmic power,financial consumers have no resistance in the face of absolute algorithmic information and technical advantages,and even have algorithmic dependence.In the long run,the situation of a few elites will control the society.Therefore,it is necessary to attach great importance to the algorithm at this stage.Secondly,based on the current social form and historical stage of China,the significance of the principle of financial consumption center to China’s social and economic development is reinterpreted,and the special role of financial consumers in the financial market is clarified.In the third part,the essential reason for the occurrence of the algorithm infringement is clarified,that is,the protection of the rights and interests of financial consumers conflicts with the freedom of financial institutions to use the algorithm to make decisions to seek corresponding benefits.Secondly,it demonstrates the premise of regulating the algorithm from the perspective of tort liability law,that is,the algorithm is illegal.Lawfulness is the essential attribute of infringement,and also the main premise of algorithm constituting infringement.The illegality of the algorithm is generally manifested in the infringement of the legitimate rights and interests of financial consumers,or the violation of the obligation to protect the rights and interests of financial consumers.Specifically,the algorithm discrimination infringes the fair trading right of financial consumers,and the algorithm kidnapping infringes on the free choice of financial consumers.The fourth part starts with the dilemma of financial consumers claiming tort liability,namely the four components of tort,and respectively discusses the identification of algorithmic infringement,the determination of damage consequences,the proof of causal relationship and the determination of subjective fault in current practice.This paper analyzes the disadvantages of strengthening the designer’s responsibility based on the algorithm attribute,and excessively investigates the improper obligation of financial institutions for the review of the algorithm results.The fifth part puts forward targeted suggestions for the rights protection dilemma of financial consumers in algorithm infringement,and clarifies the liability subject of algorithm infringement and the constituent elements of algorithm infringement.Break through the black box of the algorithm,reasonably allocate the burden of proof of the causal relationship between the infringement and the damage of the rights and interests of financial consumers in the algorithm infringement case according to the specific situation of the case,and correct the unequal status of both parties.In addition,according to the damage of the algorithm to the rights and interests of financial consumers,different ways of bearing tort liability are determined,and punitive damages are introduced to warn financial institutions,aiming to restore the normal order of financial transactions.Within the current financial legal framework,we should realize institutional self-examination,institutional self-correction and institutional self-improvement,so as to deal with the financial risks in the new era of intelligence,and safeguard the value status and concept dignity of "financial fairness".