Comparative analysis highlights regulatory challenges of automated decision making in finance, emphasizing consumer protection.
Key Points
This analysis focuses on the legal and regulatory challenges posed by automated decision making in financial services and its impact on consumer protection.
Undertook comparative analysis between the regulatory frameworks of POPIA and GDPR.
Examined the legal definitions and consumer safeguards within automated banking systems.
Identified areas for reform to improve transparency and protect consumer rights.
POPIA's framework may be inadequate to address risks associated with automated decision making.
Key concepts within POPIA are undefined, resulting in uncertainty and inconsistent application.
GDPR's clearer safeguards offer a model for enhancing consumer protection in automated financial decisions.