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Argentina central bank looking to shift banking data ownership to clients

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Argentina central bank looking to shift banking data ownership to clients

Banco Central de la República Argentina is working on a regulation that would enable banking customers to own their financial data, Director Enrique Szewach said at the institution's financial innovation conference held Nov. 9.

According to the executive, who moderated one of the dissertations, the central bank seeks to transfer data ownership from financial entities to clients and will most likely do so through the incorporation of an existing international standard.

Damian Oategui, manager at one of Argentine new digital banks, Wilobank, agreed that banking data portability will help boost competition within the industry.

Claudia Fernández Duarte, from Red Link S.A., said that the company is working on a technology based on blockchain that would enable customers to upload and share documentation with any institution they wish.

Still, Fredericka Summers, head of Digital at Banco Itaú Argentina SA, warned that average clients are more susceptible to cyber attacks and should therefore be advised and trained by the institutions in order to prevent losses from a data security viewpoint.

"We have to be careful on how we open the game. Phishing and hacking are commonplace now," she said.