available data ,” notes Chris . “ You must obtain a license and negotiate within the financial data sharing schemes to establish access to the appropriate data .”
The dual challenge of regulation and innovation requires careful planning . “ It ’ s a two-pronged consideration ,” Chris observes . “ Organisations must prepare for the opportunities this creates whilst also addressing the regulatory requirements necessary to achieve them .”
Companies must balance customer experience development with regulatory compliance . “ You ’ ll need to create user journeys that demonstrate clear advantages to your clients as a data user ,” Chris points out . “ While FinTech firms are accustomed to understanding and meeting client needs , they must now simultaneously navigate substantial regulatory and licensing requirements .”
For asset managers and insurers now mandated to share data with third parties , lessons can be learned from banks ’ approach – adopting ecosystem style approaches to partnerships , collaborating with an array of FinTechs for specific needs , as opposed to hedging bets on one technology provider .
16 January 2025