Anonymous
Is trust the only factor or are there more things to consider for FinTech companies?
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Kelly Trinh
06 Nov 2019
Backoffice technical at financial services firm
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As mentioned on the broadcast, the issue of trust is very present - are people willing to be putting money into things that are digital only (ie only see online)
It is similar to evolution of online shopping - now we all trust that if you buy on Amazon you will get your item but (showing my age) back in the 90s - it wasn't clear who you could trust.
Even for myself, I poke around a lot of different financial products, and while MAS is doing decent job in consumer protection, there is an implied "you must do your own due diligence" in their appraoch when I see stories of IT issues that lead to customers not being able to access accounts - it does mean I close the door on trying those providers