With great open banking innovation comes great responsibility for consumer data

Bob Schukai, Mastercard’s Executive Vice President of Technology Development, New Digital Infrastructure & Fintech, lays out the Mastercard philosophy around the protection of consumer data:

“Strong connectivity is important; however we also know that handling people’s data is an enormous responsibility. We have an obligation to keep our customers’ data secure and we set out four simple principles for the use of data. Consumers own the data they produce every day — and have the right to understand and control how it is shared and used. Ultimately, consumer data should be used to make their lives easier.

If you are building a fintech that is innovating with consumer data, it’s critical to clearly outline a set of privacy standards and data management practices up front. Protect that data using an appropriate set of privacy-enhancing technologies to back your claims. Treat the data of your users as if it was your own.”

Read more here, as Bob drills down into the data principles that guide Mastercard.