Industry

Fintech

Challenge

A fintech company needed to securely share sensitive customer financial data with third-party service providers, banks, and regulatory bodies. Concerns over data privacy, security, and compliance with regulations like FAIS and POPIA made it challenging to ensure that data was being shared responsibly. The company required a solution that would allow for secure, transparent, and compliant data sharing across its ecosystem. 

Solution

The fintech company implemented a data trust as part of its data governance framework, enabling secure and controlled sharing of financial data between stakeholders. Legal agreements were put in place to define the rights and obligations of each party in the ecosystem, ensuring compliance with data privacy laws like FAIS and POPIA. 

A data stewardship team was appointed to manage the data trust, overseeing the responsible and ethical use of data by all participants. Data governance policies were developed to ensure transparency and accountability in the data-sharing process. Strict security measures, including encryption, access controls, and monitoring, were implemented to protect sensitive financial data from breaches or misuse. 

The data trust facilitated collaboration between fintech platforms, banks, and service providers, ensuring that data was only accessed by authorized parties under predefined conditions. This approach built trust within the ecosystem, improving customer confidence in the security of their financial data.   

Results

The implementation of the data trust resulted in a 25% increase in data-sharing agreements between the fintech company and third-party service providers. Compliance with FAIS and POPIA regulations was maintained across the board, and the company saw an improvement in customer trust, as evidenced by a 15% increase in customer retention. The fintech company also benefited from enhanced collaboration with banks, resulting in faster innovation and improved financial products. 

Key Takeaways