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Consumer Compliance - Banking Exchange
Only 40% understand the data provided by banks’ personal financial management tools
Nearly three-quarters of consumers demand more personalized banking experiences
The financial services industry would be wise to take notice
Shifting risk composition caused greater risk credit cards to be issued
Gen Z faces financial dependence with 52% not earning enough for their desired lifestyle
New proposal would also reduce paperwork burdens
Consumers are also cutting back on essential and nonessential spending to cover costs
Growth attributed to increased demand for convenient and flexible payment methods
Group says banks and fintech firms will struggle with changes to personal financial data rights
The new rules will outline the requirements for recognition in the industry
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As banks prioritize investments in both commercial and retail payments, with a significant portion planning to spend over $20 million, it's clear that payment modernization is at the forefront of industry strategy. However, legacy infrastructure remains a significant challenge.

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