What compliance challenges will the formal implementation of the personal information protection law (hereinafter referred to as the "personal information protection law") bring to banking business, especially bank data marketing business? Recently, Guangzhou Institute of digital finance innovation co sponsored the first phase of the "Yangcheng digital finance Salon" Forum - "financial industry data security governance" Academic Salon, which successfully opened to discuss the future prospects and challenges of face recognition technology in the financial industry. Industry participants believed that financial institutions should follow the principle of minimum necessity, Careful use of face recognition technology.
Face recognition technology is most widely used in the financial industry. What compliance challenges will it face after the implementation of the personal insurance law? Lawyer Yang Jie, senior partner of Guangdong Guangyue law firm, believes that when applying face recognition, we should not only consider convenience, but also consider security. At this stage, face recognition has gradually replaced manual as the highest level authentication means of financial institutions, and has been widely used. For example, in the field of violation monitoring, in order to save cost and improve convenience, manual monitoring has been replaced by face recognition monitoring. It is worth discussing whether this is in line with the minimum necessary principle of the personal insurance law.
Pan Helin, executive dean and professor of Digital Economy Research Institute of Central South University of economics and law, put forward different views on the security of face data. He said that compared with personal information such as fingerprints, face recognition is easier to correspond with individuals, which is one of the reasons why face recognition is widely concerned, and it is also one of the reasons to improve the control of face recognition. Financial institutions and similar financial institutions should define the scope of use of face recognition. In the case of alternative schemes, financial institutions still need to follow the principle of minimum necessity and prudently use face recognition technology.
What compliance challenges will be brought by the use of automated decision-making business in data marketing and financial technology in the financial industry? The application scope of automatic decision-making in life has been very wide. Health code and individual income tax app all use automatic decision-making to provide services. Researcher Ma Yanxin, a researcher at the Law School of South China Normal University and director of the Research Center for digital government and the rule of law of digital economy, believes that compared with precision marketing business, financial technology business carried out by financial institutions relying on automatic decision-making is more impacted by personal insurance law. On the one hand, the implementation of the personal insurance law will affect financial institutions' use of financial technology means for automatic decision-making, and then affect the development of loan approval, tax evasion supervision and other businesses. On the other hand, with the rapid development of science and technology and the fuzziness of personal credit status, a large number of financial institutions without credit investigation licenses also began to use automatic decision-making to carry out user credit evaluation business, such as automobile insurance evaluation and other evaluation scores. Whether this complies with the relevant provisions on the development of credit investigation business and how it will be adjusted in the future are important challenges faced by such financial institutions.
"In the modern society with the rapid development of artificial intelligence and digital economy, automatic decision-making is inevitable." Pan Helin believes that the wide application of automatic decision-making will reduce social tolerance and compress personal living space. Therefore, when carrying out automatic decision-making, we should not only consider the improvement of efficiency, but also consider the characteristics of human nature, the boundary of personal privacy and the survival of vulnerable groups. The government and enterprises should clarify the boundaries of personal information collection, automatic decision-making application and law enforcement according to rules, and allow trial and error.