GDPR

As perhaps the world's most wide-reaching, comprehensive data protection rule, the General Data Protection Regulation is having a ripple effect that almost seemed inevitable.

Banks have the opportunity to transform from being the trusted custodians of our money to being the trusted custodians of our data, writes Martijn Moerbeek, director of group digital strategy and innovation at Legal & General.

The advent of this is particularly unwelcome, coming, as it does, at a time when many people not only question the role of a bank after the recent financial crisis and gradual digitization of banking services, but also when their relationship with technology has changed, writes Martijn Moerbeek, director of group digital strategy and innovation at Legal & General.

The concept of Smart Cities — which use mobile payments, global positioning and related technology to streamline parking, transit, building access and traffic — is deeply intertwined with the development of payments technology and regulation.

The Amazon effect and rules such as PSD2 and GDPR are threatening technology laggards in traditional financial services, contends Stephen Menon, vice president of product at Finn AI.

Cash is unlikely to go anywhere, while application programming interfaces promise a wealth of new innovation, according to Devon Watson, CMO of Diebold Nixdorf.

A recent study concluded there are first-mover benefits for banks that embrace open banking. But many executives see its risks instead.

This European regulation means fraud detection will inevitably need to evolve as the fraudsters find new ways to exploit new loopholes, according to Catherine Tong, vice president and general manager for Accertify.

Organizations that lack security controls and have experienced a breach can expect auditors, regulators and standards bodies to knock on their doors demanding information, writes Fouad Khalil, head of compliance and SecurityScorecard.

The transparency and responsibility you demonstrate will help you build more trusting relationships with your customers and the public, according to Carl Mazzanti, founder and CEO of eMazzanti Technologies.