The report examines regulatory and legislative initiatives impacting financial services globally in fraud prevention, digital identity, data protection, payments, Open Banking, e-signatures, and more.
According to OneSpan’s report, regulators and governments worldwide are grappling with the creation of frameworks for the development and application of AI that focus on data protection and privacy, as well as the ethical and transparent use of the data.
Moreover, regulators in Hong Kong, Pakistan, Greece, Macedonia, Mexico, and Turkey approved remote bank account openings in 2020, an indicator that even processes rooted in traditional face-to-face meetings in the branch are now going digital and touchless around the globe.
As third-party providers (TPPs) are allowed to use banking information to help consumers save money, borrow more easily and pay efficiently, banks will increasingly work with TPPs. In the US, the Consumer Financial Protection Board (CFPB) issued an Advanced Notice of Proposed Rulemaking on consumer authorised access to financial data, which could be the catalyst for Open Banking in America.
As banks use facial recognition technology for Identity Verification requirements, they are housing large amounts of consumer biometric data. Standards organisations such as the National Institute of Standards and Technology (NIST) and Fast IDentity Online (FIDO) Alliance are developing frameworks that could be adopted at the national level and would stipulate how banks protect and store their customers’ biometric data.
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