Banks, open banking and data protection

Abstract

As economic systems continue to evolve, with a particular focus on digital, the banking sector is at the forefront of technological advances, revolutionizing the way customers' finances are managed. With the rapid digitization of financial technologies, the importance of bank data protection and confidentiality measures increases, especially in the context of cross-border data transfers in which different actors are involved, both from the regulated financial-banking area and from less regulated areas, which together can offer open banking services (open-banking). Banking entities around the world are entrusted with customers' sensitive personal and financial data, making the principle of data security a primary concern for maintaining customer trust. Effective data protection in banking encompasses a complex approach, in strict compliance with applicable national and international regulations, state-of-the-art encryption technologies and comprehensive risk management strategies to maintain the highest standards of security, transparency and trust in the system banking.