ING Data sharing angers MPs, consumers
The news about the ING wanting to share consumers' banking data with businesses is not received well. Parliament demands an explanation, the Consumer Associations condemns it, and consumers express concern about their privacy.
"ING will have to disclose which information is shared, to whom, and when. Disclosing to third parties is too vague," says Wilbert Tomesen of the Dutch Data Protection Authority. (Dutch DPA).
The Dutch Association for Bankers thinks the privacy of the customer is a priority, and the customer will have to explicitly consent to the disclosure of information, but it is their understanding that "the ING adheres to the privacy requirements."
The Rabobank, ABN Amro, and SNS Reaal are currently only using consumer information to tailor the services they offer, but don't exclude the possibility that in the future they may follow in the footsteps of ING. ASN Bank is the only bank to announce they are not planning at any point to use consumer information for commercial ends.
The Netherlands Authority of Financial Markets will discuss the plan with ING to see if the bank places the consumers' interest first.