Switzerland had banking secrecy laws for the longest time (still do to some extent) that prevent this sort of mass collection of payment data. And yet they had

Switzerland had banking secrecy laws for the longest time (still do to some extent) that prevent this sort of mass collection of payment data. And yet they had a comparable credit / GDP ratio to the US and above the world average [0]. So your claim that one can't do lending without involuntary mass data collection is empirically false. [0] https://data.worldbank.org/indicator/FS.AST.PRVT.GD.ZS?end=2020&locations=US-CH-1W https://data.worldbank.org/indicator/FS.AST.PRVT.GD.ZS?end=2...