31 Jan 2023 2 min read

The Fintech Sentiment: Data Privacy Day 2023 and the Policies Protecting Financial Services

Data Privacy Day 2023

Madhvi Mavadiya / Finextra / 31 January 2023

Data Privacy Day 2023 is an international event that takes place every year on the 28th of January, and promotes best practices for data privacy. It marks the anniversary of the Council of Europe’s Convention 108, which was the first legally binding international instrument on data protection. This year’s Data Privacy Day is especially important because it marks a tipping point where data privacy policy reform is becoming necessary, and consumer attitudes towards data usage are shifting. As a result, this could have a significant impact on fintech firms, financial institutions and the entire ecosystem that relies upon data. Following Data Privacy Day, experts in the fintech industry have come together to discuss the current landscape and provide their opinions on where we go from here. Their insights, compiled in a Fintech Sentiment Series article, provide valuable insights into the sector.

From data protection best practices, to new technologies and regulatory frameworks designed to protect consumers, the future of fintech is taking shape. Companies must be vigilant in their efforts to ensure data is secure and that customers are given the tools they need to understand how their information will be used. Fintech firms should be prepared to learn from the lessons of the past and make sure they are compliant with all applicable regulations while still providing innovative solutions to their customers. With the right balance, fintech firms can make sure they are providing secure and reliable services while preparing for an ever-evolving data privacy landscape.

Data Privacy Day is a reminder that data privacy matters to everyone, and it’s up to all of us to ensure we’re doing our part to keep our data secure. As the fintech industry continues to grow, companies must make sure they are doing everything they can to ensure consumer data is protected. By staying informed and discussing emerging trends, the fintech industry will be well positioned to create a future where data privacy is a priority. Let’s make sure we’re doing our part to ensure that Data Privacy Day remains not just an annual reminder, but a daily commitment to protecting user data and inspiring trust in the fintech industry.

Together, we can work towards a safer and more secure digital landscape. Let’s start now!

Read the full article from Finextra here.


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