FINSIA Regulators Panel opening remarks: How data can drive consumer outcomes
A speech by Greg Medcraft, Chairman, Australian Securities and Investments Commission, FINSIA Regulators Panel (Melbourne, Australia), 11 November 2016
Today I would like to speak about driving better consumer outcomes in the era of big data and artificial intelligence.
I have three main points I would like to make today.
- First, technology is now facilitating the collection and analysis of vast amounts of data.
- Second, there are opportunities for businesses – particularly financial services organisations – to better understand their customer base, and to tailor the products and services they offer accordingly.
- Third, data is allowing ASIC to become more pre-emptive and proactive as a regulator. Let me quickly unpack each of these three points.