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Concerns over security are not just a key factor for the banks sharing data , but for customers who must be able to trust this is done safely . “ It is extremely important for banks to establish a very standardised framework on how data is accessed , and what level of data is accessed and consumed in the way fintechs consume it .” Gupta adds that it ’ s important to work with the right third-party providers so that any data shared remains secure and compliant , for the benefit of business and consumer .
For example , Finastra ’ s FusionFabric . cloud is underpinned by Microsoft Azure , as is a selection of its global payments and retail banking products . “ Microsoft has strong compliance in the industry – they spend millions of dollars making sure the infrastructure is stable and secure ,” Gupta outlines . “ There are multiple regulatory , as well as privacy and security rules that providers such as Microsoft adhere to . Yes , data security standards are a concern , but this can be addressed when you work with reliable , trustworthy third-party providers .”
Gupta is confident that concerns involved in open banking are slowly
“Businesses in Asia , notably in the financial service area , are now leading the world in terms of invention and even adoption of new business models ”
— Smita Gupta , Senior Director , Regional Marketing , APAC , Finastra
FEBRUARY 2019