Bankloch

Not long ago, data privacy was seen primarily as a regulatory hurdle, i.e. a checklist to avoid fines. But in the wake of major data scandals like Facebook/Cambridge Analytica, the Marriott data breach or the Equifax data breach, privacy has evolved. It is no longer just about compliance. Today, it is a strategic lever that can build trust, drive differentiation, and even unlock new business models. As consumers become more aware of how their data is used, companies are being forced to rethink the value and the risk of data. In a digital economy where trust is currency, privacy has become the exchange rate. This growing focus on privacy is fueled by several key trends: Exploding data breaches : With mandatory reporting (e.g. GDPR), more incidents are now visible. Expanding attack surfaces : APIs, cloud platforms, mobile apps, and open channels create more exposure. Sophisticated attackers : Hackers use both technical exploits and social engineering. Informed consumers : People now dema...

  In recent years, financial institutions have been making increasingly bold decisions about who they are willing to bank. The practice of debanking (closing or denying accounts based on perceived risk or unprofitability) has shifted from back-office policy rooms to the center of public, political, and legal debate. For example, the Nigel Farage–Coutts Bank scandal, involving a (potentially politically-biased) debanking decision, ultimately led to the resignation of the NatWest CEO. What started as a niche compliance measure has become a global phenomenon with far-reaching consequences. More and more individuals and businesses are finding themselves without access to essential financial services, due to the practice of debanking. So why is this happening? And what does it mean for financial institutions and their customers? While banks have always had discretion in choosing their clients, the criteria for rejection are rapidly expanding. Those affected now include: Customers no lon...

  We often describe the financial services industry as being in the midst of a technological revolution, i.e. Open and Embedded Banking, AI, blockchain, stablecoins, CBDCs, you name it. But stepping back, one might wonder: has the sector truly transformed? Despite the buzz, the fundamentals of financial services remain largely unchanged. Incumbent banks still dominate most markets (with exceptions like Nubank in Brazil or Revolut in select countries), and the mechanics of many financial products and transactions would look familiar to someone from 20 years ago. Digitalization has undeniably changed the industry: Branches gave way to online portals, then mobile apps. Cash and chip cards were replaced by contactless and mobile wallets. Customer onboarding and credit origination moved from paper-based to digital workflows, increasingly embedded in journeys led by other industries. Yet, many of these shifts were   reactionary, not proactive . Take Covid-19: it accelerated digital ...