Money20/20 Europe

PSD2 and Open Banking in the UK have created significant opportunities for technological development and increased competition, and these opportunities rely on consumers being willing to share their financial data. However, it is important to recognise the risks that the sharing of financial data can create, as well as the opportunities. Recent high profile data breaches have highlighted the importance of strong data protection, and this is particularly relevant in the new Open Banking world where data sharing is becoming increasingly commonplace. Data sharing is an important facet of PSD2, but how can we ensure consumers are adequately protected as the landscape of financial services develops? And who are the true custodians of financial data?