Why data portability option matters to users

In December 2019, India kick-started a novel experiment in redefining the ownership of personal data. The Personal Data Protection (PDP) Bill, 2019, was one of the world’s first legislations to define the rights individuals have over their personal data, and the responsibilities of entities accessing user data.While regulations such as the General Data Protection Regulation (GDPR) in Europe have emphasised protecting personal data, India has pressed forward further to unlock the value inherent in personal data. Data portability is a key aspect of the PDP Bill. The account aggregator (AA) framework operationalises data-sharing and portability through unlocking value from personal data. It creates a well-defined and secure mode for users to share their personal financial data with other eligible entities. At its heart lies a robust consent system that allows users to pick and choose the type of data they share, and the entities who can access this data.Under a consent-based system of data sharing, the user trust will literally make or break the AA framework. And users are more likely to trust when they understand what is being asked of them, and why. Honouring the spirit of personal data protection requires that user-facing applications actively help users understand the implications of their actions — a tough challenge in a country where over a quarter of adults have not even heard of insurance.Facebook’s and D91 Labs’ ‘Future of Data Sharing’ initiative delves deeper into understanding goals, motivations and challenges in sharing personal data with financial institutions. The insights derived from the research were poised as challenges to the fintech community in the form of an online design jam where teams developed solutions around solving data-sharing using the AA framework. The artefacts from the design jam were later tested with target users to understand the acceptability of the solutions.The results have been dissimilated into seven design principles for anyone developing data-sharing workflows using AAs. These design principles cover the seven critical areas of trust, choice architecture, nudges, data control, customer redressal, feedback and data testing. The design principles created from the research are addressed to the product, business and design teams at fintech startups, to help build trustworthy financial products for emergent users backed up by field research.Kumar is co-founder-chief evangelist, Setu, and Ba leads research and strategy, D91 Labs.
Read More