Consumer financial data exchange: marketing meets digital finance and open banking
本文提出消费者金融数据交换概念，基于公平理论分析数据交换中的公平感知，通过个人理财应用、品牌忠诚计划和先买后付等案例，揭示数据交换对消费者信任的影响，并探讨开放银行等机制如何缓解不公平问题。
As consumers and firms increasingly engage with financial technology platforms to manage their finances, a vast amount of financial data are generated, exchanged, and monetized. These data-sharing ecosystems present both opportunities and risks for marketers seeking to deliver personalized services, as well as for consumers navigating concerns about privacy, control, and fairness. This paper introduces the concept of consumer financial data exchange as a framework for understanding the marketing implications of digital finance. Drawing on equity theory, we propose that perceptions of fairness in data exchange depend on the balance of inputs and outputs across key actors: consumers, data providers (e.g., financial institutions), third-party firms, and technical service providers. We illustrate this perspective using real-world cases from personal finance apps, brand loyalty programs, and buy now, pay later (BNPL) services. These cases highlight the potential for perceived inequities to hinder adoption and trust, especially when consumers have limited visibility into data exchanges. We also examine how marketplace mechanisms and regulatory frameworks, such as open banking, can mitigate these concerns. By connecting marketing theory with the emerging digital finance infrastructure, our analysis offers a foundation for future research and practice in designing more equitable, transparent, and consumer-centric financial data ecosystems