This report explores how and why FinTech is transforming financial services markets for consumers, and what the opportunities and challenges are, as FinTech services and products become more widely used. It also offers insight on how those working in the consumer interest might address some of the emerging consumer protection issues.
These are the key findings:
- Revolution, not evolution: FinTech is reshaping the financial services sector, and disrupting the way that established banks deliver financial services to consumers.
- Greater competition & choice: The emergence of FinTech can deliver significant benefits to consumers – in driving greater choice, competition and convenience.
- Access for the ‘unbanked’: It can also provide access to core financial services in places where large parts of the population still lack a basic bank account.
- Concerns over personal data and privacy: FinTech will also present a number of challenges and risk for consumers, including the intensive use of personal data, fraud, issues with P2P lending and liability when things go wrong.
- The right sort of regulation is key: Regulators have an essential role to play in maximising the benefits and minimising potential harm for consumers, by supporting innovation and mitigating risks.
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