NEWS24 March 2020

Mobey Forum sets up expert group on data privacy

AI Finance News Privacy UK

UK – The industry association for digital financial services, Mobey Forum, has formed an expert group to look at how banks and other financial institutions (FIs) can balance data privacy, security and innovation.

Online banking cup_crop

The Data Privacy in the Age of AI expert group brings together experts to determine how banks can navigate business, technical and regulatory data management challenges to develop their own AI-driven processes, products and services.

Expert group chair, Amir Tabakovic, CEO and founder, said: "The banking industry is on the verge of a huge wave of data-driven innovations that will transform the industry from the ground-up.

"Ultimately, banks’ success will hinge on how well they can use, share and monetise their customers’ data. In response to increasingly stringent privacy and security regulations, banks and FIs are being forced to up their game. Not only do they need to continue to ensure the security of their customers’ sensitive information, they also need to maximise their use of it, to protect and extend their market share and collaborate with new players entering the market."

Elina Mattila, executive director at Mobey Forum, added: "AI and data privacy are major development points for banks, financial institutions and fintechs, all of whom are facing similar challenges. Our expert groups are designed to enable members to freely exchange knowledge and experiences, in a bid to establish best practices and identify new solutions that can benefit everyone."