Discussion on Personal Information Protection of Financial Consumers in China

Data have become a critical resource for many business models as a result of digitalization and globalization. Individuals disclose personal information intentionally and unintentionally over the Internet and when using their smartphones. Because of the continuous innovation of financial technology, the protection of personal information of financial consumers is facing huge challenges. The situation of violations of financial consumers' personal information in China is becoming more and more serious. China is the world's second largest economy with a large number of financial consumers. If there is a problem with the financial consumer personal information supervision system, it will lead to instability in the financial market and affect China's economic development. So we need to pay more attention to protect the personal information of financial consumers. This paper explores the trend of protection of financial consumers' personal information from three perspectives: legislation, government, and enterprise. For legislation, China needs to establish the right to personal information as a personality right, clarify the scope of protection and restrictions on use of personal information. For the government, the Chinese government needs to clarify the scope of supervision between various regulatory agencies and establish a unified financial consumer personal information protection agency. For enterprises, Chinese financial enterprises need to strengthen internal management and increase professional ethics education for internal employees.