Last week Yobota attended this year’s Cyber & Fintech Summit hosted by the Department for International Trade (DIT) at The Hague.
The event was an initiative by the DIT to cultivate trade business relationships between the UK and Netherlands. Over 100 companies from both sides of the North Sea attended, including representatives from brands like Barclays, ING, Oaknorth, and Revolut.
There was a full schedule of panels and talks across multiple stages, covering the latest developments in cybersecurity, PSD2 and Open Banking. One recurring theme across the day was the issue of consumer trust in incumbent banks for the use of personal data in response to the new regulations.
The consensus across all speakers was that the full potential of the regulation has yet to be unlocked in Europe, even if it has already been an important catalyst in innovation and collaboration between the incumbents and technology partners across the region.
There still remains scope for companies to utilise the opportunities the regulation provides and to educate the public (most likely through successful use cases) that it can be a change for good; with 2020 set to be the year Open Banking makes a substantive impact to the financial services industry.
We are excited to see how the predictions of 2020 play out and look forward to returning to CFS 2021!