Emerging Technologies, Privacy, and Data Strategies in Fintech

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.
 

Welcome back Dr Bhaskar. As a global speaker and advisor, how do you advocate for a balance between innovation and privacy to your peers and stakeholders in the fintech industry?

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.
 

What strategies do you believe will be key to maintaining user privacy in the face of growing AI and automation in the banking sector?

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.
 

With emerging technologies like IoT and blockchain becoming more prevalent in fintech, how do you ensure these innovations are aligned?

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.