Video: Consumer trust and the dark side of Fintech

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The advent of GDPR means transparency is key for Fintechs to keep the trust of their customers.

The fragility of consumer trust is never far away from conversations around user data.

Alison McHugh at the Scotsman Fintech Conference. Pic: John Devlin

Alison McHugh at the Scotsman Fintech Conference. Pic: John Devlin

With GDPR rolling out across Europe in May, Fintechs who can embrace transparency stand the best chance of winning over their customers’ trust.

By using financial services to improve a customer’s situation, Fintechs are able to tackle common negative behaviours and mental health problems like stress, anxiety and vulnerability.

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Speaking to The Scotsman after the panel discussion, Andrew Berry of Deloitte said:

“Using AI techniques, [we can] analyse the emotional and behavioural part of a conversation. “Particularly when conduct risk is such an important aspect of financial services, it becomes really important that Fintechs can help with that.”

A big part of winning customer trust is addressing the dark side of Fintech, the final topic of The Scotsman conference, ‘How can fintech be a positive agent for social change?’.

Strathclyde Business School CoFIR Director Daniel Broby said: “Clearly there is a dark side to some of the technologies, but that said there’s a dark side to everything in human nature.

“The way we see it, we have to address those challenges and push the boundaries forward.”