HARNESSING THE POWER OF BIG DATA FOR GOOD
5 Oct 2018
Big data has changed the way banks and financial institutions interact with and approach their customers. This has enabled the financial sector to charge higher fees and premiums, increasing the risk that ‘essential’ financial services are unattainable for many Australians.
Susan Quinn, a St Kilda local, has received a Churchill Fellowship because of her passion for the law and determination to deepen her understanding about how to protect and empower financially marginalised people in big data legislation and practices.
Susan will travel to the USA, England, Ireland and Belgium to discover what lawmakers, regulators, and industry and consumer advocates are doing to shield vulnerable people from financial marginalisation.
Susan, who is a Senior Policy Officer at the Consumer Action Law Centre, has always been passionate about helping those less fortunate in the community.
“We need more public understanding of how the explosion of big data in credit and insurance can really affect our lives, especially the lives of vulnerable people. We need to know how we can make it work for us, rather than against us,” said Ms Quinn.
“Through the Fellowship, I hope to start mapping a clearer path for Australia. Big data is a big focus in US financial services, and the industry is largely left to its own devices. I want to see what that really means for people.
“This opportunity will enable me to understand more about the world’s most comprehensive general data protection regulations in Europe, and how it is operating a year after its introduction. I hope to bring valuable knowledge about this back to Australia”.
“This is an incredible opportunity for Susan to bring back important knowledge. Her findings could be very beneficial in regulating our banks and financial institutions, making them more socially accountable,” said Adam Davey, CEO of the Winston Churchill Memorial Trust.
“The Churchill Fellowship is a celebration of expertise, innovation, expanding knowledge and creating new and better ways of addressing issues that matter in Australia. We look forward to seeing what Susan is able to achieve as a result of her Fellowship experience.”