TYING UP YOUR CAMEL: RETHINKING "SELF-DETERMINATION" FOR DIGITAL FINANCIAL CONSUMER DATA PROTECTION

The concept of self-determination, which is at the core of European data protection legislations, is undergoing a significant transformation in the realm of digital finance. This article presents a comprehensive examination of digital financial consumers' control over their data, critically assesses the concept of self-determination and proposes a framework for establishing multi-party financial data trust mechanisms. In questioning the adequacy and effectiveness of the traditional informed consent rule, we employ a cost-benefit analysis methodology to examine how different degrees of willingness to share data among digital financial consumers correlate to varying profit margins for financial service providers. The analysis reveals that the profit for financial service providers peaks at the boundary of consumers' willingness to share data. Therefore, financial service providers should establish consumer trust as the cornerstone of data utilisation. This leads to the introduction of a "tiered consent" legal framework, which aligns the level of consent required with the degree of trust consumers place in financial service providers. The role of technology in shaping these trust boundaries is emphasised, and we recommend that regulatory bodies should foster a balance between consumer protection and the advancement of digital financial services.