comprehensive view of their financial position across different providers . “ FinTech companies are ideally positioned to be significant players in this new market ,” Chris explains . “ They will become data users , utilising the new regulation and their licenses to acquire data and provide customers with enhanced oversight – essentially creating a financial home for clients .”
The opportunity stems from FinTech companies ’ track record in enhancing customer experiences . “ FinTech firms have historically excelled at enhancing customer journeys . With FIDA , they ’ ll be able to aggregate information from various sources to deliver an even better experience .”
The regulation could also revitalise FinTech entrepreneurship . “ We ’ ve observed a decline in the number of new businesses being founded recently , but I believe this will spark a new wave of innovation in the FinTech industry , with fresh entrepreneurs positioning themselves in this space ,” Chris observes . “ I anticipate FinTech companies will play a substantial role in driving growth within
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