"According to Giuseppe Colangelo, Jean Monnet Professor of European Innovation Policy, Associate Professor of Law and Economics at University of Basilicata, and TTLF Fellow at Stanford University, and Mariateresa Maggiolino, Associate Professor of Business Law at Bocconi University, consumers may be more engaged with online data collections practices than the general discourse would give them credit for.
In their latest paper, Profs. Colangelo and Maggiolino respond to whether or not online consumers are in fact as powerless as conventional wisdom would have us believe, and how the recent European Union regulatory interventions have begun to facilitate a policy shift from a model that assumes consumers do not understand how and why their data is collected, to a model that paints the consumer as a smart individual able to make conscious choices and to play an active role in the market.
DisCo: In your opinion, what is the European Commission (EC)’s objective regarding the data portability envisaged in the General Data Protection Regulation (GDPR), the open banking rule of the Second Payment Service Directive (PSD2) that has recently been implemented, as well as the Data Content Directive (DCD) that is being considered? Why would they be important for the future of the EU digital economy?
Authors: The recent regulations adopted by the European Union aim at giving consumers the power to manage their personal data and content to then become the true protagonists of their digital decisions.
Pursuant to Article 20 of the GDPR, each person has the right to have returned to them personal data they have provided to a company or organization on the basis of consent or contract; furthermore, each person has the right to have that data transmitted without hindrance from one controller to another (even directly where technically feasible). By complementing the GDPR, Article 13(2)(c) of the proposed DCD would allow consumers to retrieve all content provided by the consumer and any other data produced or generated through the consumer’s use of the digital content. Finally, the PSD2 introduces the access-to-account rule, which forbids banks from preventing their customers from giving their account data to other providers of payment initiation services and account information services. In summary, these provisions put individuals in the position to choose who shall use and analyze their (personal) data to then offer (better?) products and services.
Indeed, especially the data portability rights enshrined in the GDPR and the PSD2 share the same rationale of enabling and encouraging inter-platform competition in digital markets by lowering consumers’ switching costs and avoiding personal data lock-in."
You can learn more about their paper in the interview here.
IDLink shares their belief regarding the positivity of data portability. Furthermore, we can help your company live up to these regulations and help users in making concious choices. If this sounds like something you're interested in, read more at https://www.idlink.eu.