CFC
“ We ’ re not just sitting back and waiting for claims to come in . We ’ re out there , actively looking for vulnerabilities ”
STEVE BOWERS , FINTECH DEVELOPMENT MANAGER , CFC
likely to happen in the next 12 months . That ’ s our window .”
This approach allows for appropriate adjustments to coverage and pricing as companies evolve . “ When things are ticking along steadily , with slower or even stagnant growth , it ’ s easier for us to make a case for keeping everything as is .
“ Of course , if we ’ re looking at rapid growth , that ’ s when we need to take a step back and reassess our coverage and pricing more thoroughly ,” notes Steve .
The future of open banking and its insurance implications Of all the developments in the fintech arena CFC must keep tabs on , open banking is perhaps the most significant , which Bowers identifies as shifting consumer expectations for financial services .
“ Consumer expectations are changing ,” he notes . “ There ’ s this growing demand for immediate access to services , and I don ’ t see that trend slowing down anytime soon .”
The increased accessibility introduces additional considerations regarding data processing , technology functionality and regulatory compliance .
Steve anticipates improved regulatory oversight as open banking matures . “ We ’ re not in uncharted territory anymore ,” he says . “ Open banking has been around for a while now , and hopefully , that means regulators are better placed to keep pace and really get to grips with what ’ s going on .”
14 cfc . com