With the steady growth of fintech services, thus is rising the concerns around data privacy & protection. Unlike data collected by social media companies as well as ad networks. Also, consumer information shared with the fintech dais that includes PAN numbers. Also, bank accounts, as well as financial information which is extremely sensitive, were even among these.
Even as a strong online financial services segment has arisen over the back of greater smartphone implementation. Along with Internet penetration, data protection laws, as well as an average consumer’s understanding of such laws. Also, associated powers in order to take corrective action, has been a notch behindhand.
As per an assessment, India has more than 100 fin-tech businesses. That has extensively been categorized as payment gateways & gateway aggregators, digital payments banks, mobile payment apps & wallets plus digital lending platforms. Also, including peer-to-peer lending services.
On the other hand, only a small number of consumers are effectively informed regarding the data & privacy policies of fin-tech platforms. This is due to general ignorance for reading terms & conditions and policies, in a huge number of instances, doesn’t noticeably outline how the data is being utilized.
In an inspection of sorts, a CIS analysis discovered that although 75 % of the companies clearly indicate all the personal data of consumers. There are also 62.5 % of them who don’t even provide facts in their policy documents. Furthermore, nearly 41 % do not even indicate the option of withdrawing consent.