Financial technology businesses have used user-centric techniques and technologies over the last ten years to completely change the way customers view banking and financial services.

State and federal officials are keeping a closer eye on the cutting-edge goods and services they provide. Fintechs need to be ready to handle the following agendas related to data security and privacy: The examination of third-party tracking pixels; the proper use and management of artificial intelligence (AI); and possible regulations concerning the rights to financial data.

Data brokers, like consumer reporting agencies, may be subject to additional regulations requiring them to adhere to several standards, such as guaranteeing data accuracy, preventing its misuse, and severely limiting its use for marketing or advertising. Fintechs may still be subject to additional information security and breach response requirements from federal and state regulators.