Fed speech: where do consumers fit in the fintech stack?

Governor Lael Brainard at FinTech Risks and Opportunities: An Interdisciplinary Approach, conference sponsored by the University of Michigan, Ann Arbor, Michigan

The combination of technologies that put vast computing power, rich data sets, and artificial intelligence onto simple smartphone apps together with important research into consumer financial behaviors has great potential to help consumers navigate their complex financial lives more effectively, but there are also important risks. I am hopeful that fintech developers, data aggregators, bank partners, consumers, and regulators will work together to keep consumers in the driver’s seat as we move forward with these new technologies. If we work together effectively toward this goal, the fintech stack may be able to offer enormous benefits to the consumers they aim to serve, while appropriately identifying and managing the risks.

Read the full speech

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