TWIPLA Staff October 24, 2024
As AI, blockchain, and automation reshape the financial landscape, the privacy concerns surrounding these technologies raise questions for businesses. TWIPLA's Jorge Cuevas cornered renowned expert Dr. Sindhu Bhaskar - CEO and Chairman of the EST Group - to get his take on how businesses can embrace innovation while still achieving compliance.
This is TWIPLA's second interview with Dr. Bhaskar, which continues the conversation on privacy and innovation in fintech. Read the first part of the discussion, covering maximizing data utility, building trust with customers, and the future of digital financial services.
As a global speaker and advisor, I emphasize the importance of integrating privacy into the core of innovation.
I advocate for adopting privacy-enhancing technologies and implementing robust data governance frameworks.
By engaging peers and stakeholders in discussions around privacy-first design, I highlight that innovation doesn’t have to come at the expense of user privacy.
I encourage collaborative efforts to create solutions that respect consumer rights while pushing the boundaries of financial technology.
Advocacy also includes championing regulatory frameworks that support both growth and privacy.
Through dialogue, collaboration, and a commitment to ethical practices, I advocate for sustainable development that prioritizes consumer rights without stifling technological advancement.
In the era of AI and automation, strategies like encryption, anonymization, and continuous monitoring of data flows will be essential to protect user privacy.
Companies should adopt a privacy-by-design approach, embedding privacy principles into AI systems from the outset.
Regular audits and ethical AI frameworks can help ensure that automation doesn’t inadvertently compromise user data.
Furthermore, offering users greater transparency about how AI systems use their data and providing them with control over their preferences will strengthen trust and compliance.
Robust governance frameworks and clear regulatory guidance will be essential to ensure that AI enhances user experience without compromising privacy.
The increasing prevalence of technologies like IoT and blockchain presents both opportunities and challenges for privacy in fintech.
IoT devices generate vast amounts of data, often in real-time, which requires stringent security protocols to prevent unauthorized access.
Encryption and secure data transmission protocols are essential to protect sensitive information.
On the blockchain front, while the technology itself offers transparency and immutability and has been adopted by marketers, it must evolve to incorporate privacy features such as zero-knowledge proofs, which allow users to prove transactions without revealing sensitive details.
In both cases, it’s crucial to adopt a privacy-by-design approach that ensures these technologies align with privacy regulations and enhance user trust.
Balancing innovation with privacy protection will be critical as these technologies continue transforming the fintech landscape.
Dr. Sindhu Bhaskar serves as the Chairman and CEO of the EST Group, an enterprise dedicated to leveraging emerging technologies for social good. His vision includes creating borderless banking solutions that empower marginalized communities.
He also leads EST Global, the group's flagship initiative focused on fostering a more inclusive and sustainable world for all.
With over three decades of experience in the financial services sector, Dr. Bhaskar is a respected leader known for his expertise in various areas, including fintech, digital banking, financial inclusion, health tech, agritech, CnetO and edtech, as well as the implementation of technologies such as privacy-first analytics, blockchain, AI, and the Internet of Things.
A charismatic and influential thought leader, he has established strong partnerships across 17 countries and frequently shares his insights at global technology and banking conferences.
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