A new report by analyst Karen Shaw Petrou argues that fintech firms pose just as many risks as they do solutions; she says if these firms are not properly regulated they can form bias, threats to data privacy, security violations, misleading marketing and even systemic risk; she says the lessons of the past should lead to better regulation so consumers are protected before a crisis occurs; “I am all for technology,” Petrou said to American Banker. “But I spent a lot of time when I was a student at MIT studying tech policy, and there is one after another example of seemingly promising technologies with terrible, unintended consequences.”; she believes the solution starts with Congress, instead of monitoring situations they need to be more proactive to ensure consumers are protected. Source.
Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.