, in which it assesses changes in financial services and the risks that can befall consumers as a result. The report identifies technology as one of the key drivers of change, and one that can enhance the efficiency and accessibility of financial services but also cause harm to consumers.Of particular note are two key insights on Open Banking and fintech, and we think there are steps fintechs should take to ease concerns voiced by the FCA.
Open Banking and PSD2 regulations are strengthening consumer data security, though not all new entrants are fully equipped with the proper data protections. Many banks and conventional financial institutions are working closely with emerging fintechs to implement Open Banking and PSD2 regulations, which aim to improve consumer data rights and online security as well as boost competition in the industry.
To ease the concerns of the FCA, fintechs should double down on security efforts when connecting with a wealth of consumer data via Open Banking APIs that could leave users vulnerable in the event of a cyberattack.
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Source: BusinessInsider - 🏆 729. / 51 Read more »
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