Trust in Digital Life Hosts Open Banking Challenge In Scotland

tdloffice General

PRESS RELEASE

Date: Thursday 14th December 2017;

Venue: Informatics Forum, University of Edinburgh

Open Banking, aligned with the European PSD2 legislation, is about to radically challenge the way that financial services operate, creating a landscape that will be virtually unrecognisable in several years. From next January, personal customers and small businesses will be able to share their data securely with other banks and third parties, allowing them to compare products and manage their accounts without having to use their own bank. In addition, the introduction of GDPR legislation in May 2018 will open the door to new products and services, raising consumer expectations of improved service experience and transparency. Traditional banks, Fintech companies and consumers would appear to have irreconcilable aspirations, demanding innovative solutions to meet the needs of all. Change is no longer an option but a necessity.

Given its pre-eminent role in the worlds of finance and Fintech, it is not surprising that Edinburgh will host a multi-disciplinary event to discuss and debate the present-day regulations and realities associated with privacy and the use of personal data and look to understand how potential conflicts of interest can be avoided in the future, particularly in the context of open banking.

Whose Data Is It Anyway? is a collaboration between the Trust in Digital Life association, Edinburgh-based The ID Co. at the Informatics Forum, University of Edinburgh. Following a keynote to be given by Stuart Lang, former international rugby player and now financial services partner at EY, panellists will discuss and debate the present-day regulations and realities associated with privacy and the use of personal data and look to understand how potential conflicts of interest can be avoided in the future, particularly in the context of open banking. The overall objective of the one-day event is to leave with a fresh understanding of what the world might look like three to five years after the new regulations have been in force from the perspectives of all stakeholders from banks to businesses, Fintech innovators to consumers.

Given its focus, the majority of delegates will represent the finance community, FinTech, SMEs, academia and consumers. If you are responsible for other people’s personal data or concerned what the future might hold, this event is for you!

James Varga from The ID Co. states: “GDPR provides consumers with much greater safeguards to their privacy than ever before, whereas PSD2 allows third parties access to the client data currently held by banks and payments companies. Which means that, as far as the world of finance is concerned, the EU is going to be both rigorously enforcing stringent data protection rules and at the same time making the financial marketplace more open and competitive. There are challenges but the Fintech community is very innovative.”

Whose Data is it Anyway? is being hosted in collaboration with Edinburgh-based The ID Co. and takes place at the Informatics Forum, University of Edinburgh, between 08.30 and 15.15 on Thursday 14th December 2017.  Attendance is free when you register in advance here.

(Once you’ve registered, don’t forget to tweet that you’re going to the event! #whosedata)

From banking to healthcare, driverless cars to online shopping, every aspect of our 21st century digital world is dependent on varying degrees of trust between consumers and suppliers, governments and their citizens. The continual threat of cyber-attacks has the potential to undermine our confidence in taking full advantage of the opportunities available to grow the digital economy, not only in Europe but across the world. Our objective as a community of industrialists, entrepreneurs and academics is to provide the tools and awareness that the wider community can benefit from in their daily digital lives. Our mission is to create a trusted ecosystem based on innovative and trustworthy ICT products and solutions that protects the data and assets of European citizens and enterprises.

About TDL 

The Trust in Digital Life (TDL) community comprises leading industry partners and knowledge institutes that hold trust and trustworthy services to be an essential ingredient of the digital economy. TDL members are committed to enabling a trustworthy ecosystem that protects the rights of citizens while creating new business opportunities. To this end, TDL researches, pilots and incubates trustworthy ICT services and technologies in an innovative environment. TDL forms the bridge between citizens entitled to the best possible services and an industry that develops devices, applications and services that protect them from Internet threats and provides them at an affordable price. A major focus is on the research and business agenda of the European Union.

www.trustindigitallife.eu

Editorial contact

Graham Thatcher

Chief PR Ltd

Tel +44 (0) 7933 673 240

Email: graham.thatcher@prbychief.com