Tag Archives for " FinTech "

GDPR: the ‘controller v processor’ debate in financial services

Lessons can be learned in the financial services sector from the rush to update contracts to account for the General Data Protection Regulation (GDPR) taking effect earlier this year. The GDPR spurred banks, insurers and other financial institutions to review their existing contracts, most notably their data processing agreements. There is a lot of confusion in this sector about the concepts of ‘controllers’ and ‘processors’ of personal data. Both controllers and processors have distinct obligations under the GDPR.

Full article: GDPR: the ‘controller v processor’ debate in financial services

Consumer Privacy Concerns Regarding Fintech Apps Remain High

Nearly one-third of U.S. banking consumers use online and mobile fintech apps to help manage their money. But those users are concerned about data privacy and want more control over the financial data their apps can access. The research shows consumers would trust financial institutions as custodians of their data.

Source: Fintech Apps: Consumer Privacy Concerns Remain High

EU regulation will drive U.S. banks to embrace FinTech or lose market share

Along with the EU’s General Data Protection Regulation (GDPR), which gave citizens the right to control the use of personally identifiable information, the Payment Services Directive 2 (PSD2) required the sharing of consumer banking data with third parties when authorized by the customer.

Read article: EU regulation will drive U.S. banks to embrace FinTech or lose market share | Computerworld

GDPR makes demands that only robots can fulfil in the financial sector

Financial sector regulation may be necessary, but fulfilling its administrative requirements can become hugely costly without the power of automation.

In their own ways, banks and other financial institutions have managed to cope with the varying regulatory burdens imposed over the last decade. Yet the imminent arrival of the European Union’s General Data Protection Regulation (GDPR), which comes into force on 25 May; calls for more innovative approaches, given its scale and reach

Source: GDPR makes demands that only robots can fulfil in the financial sector

Swedes Voice Data Fears After Facebook Scandal, Targeting Banks

In one of the world’s most digitally advanced corners, consumer groups are now demanding much better data protections against the financial industry.

“The big issue is privacy,” Jan Bertoft, the head of the Swedish Consumers’ Association, said in an interview. Right now, it even overshadows risks like “getting cheated and losing money,” he said.

Source: Swedes Voice Data Fears After Facebook Scandal, Targeting Banks – Bloomberg

RBC launches data sharing portal for app developers in step towards open banking

Royal Bank is opening up select bits of its data to external software developers in a bid to foster innovation and create new tools for consumers.

The bank said that it will allow eligible external developers and clients to access some RBC banking data to build and test banking-related applications.

Source: RBC launches data sharing portal for app developers in step towards open banking | Financial Post

EU regulators provide guidance for digital ‘on-boarding’ by financial firms

Financial firms should consider requiring customers to provide proof of identity from documentation containing “high security features or biometric data”, such as passports, to ensure that digital-only ‘on boarding’ processes comply with anti-money laundering rules, EU regulators have said.

Source: EU regulators provide guidance for digital ‘on-boarding’ by financial firms

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