Finance is default not trusted. If documents are missing, fraud is presumed. Tech doesn’t seem to have reached that point just yet.
There's many areas in which tech competes directly with, or has attempted to build shadow parallel systems to other more regulated industries - payments, exchanges, various medical plays, media, etc.
now, when i hear someone say disrupt, i immediately assume they are cutting corners on whatever regulation that is needed to gain a leg up over the incumbent companies following the regulations.
Tech wanted people to think this was different from Wall St somehow, but I think the average American no longer sees the difference.
Getting a paypal/google/whatever account flagged is basically the death of that account.
Nonsense. Banks have someone you can get on the phone, usually 24/7. Good luck getting anyone at Google on the phone.
This is.. not new at all. We were talking about Uber doing that about a decade ago lol.
If we are just talking about the USA, then I think both Apple and Google had to partner with entities in the financial industries to do payments, they didn't just bypass regulation in those industries. Then there is Stripe and Square (erm, whatever Square is called now), I'm not sure what regulations they fall under.
Many of them contain various personal data of clients and/or employees, legal makes us specify for how long each service needs to hold on to it, and purge as soon as possible to minimize chance of leaks.
> Processing shall be lawful […] if […] processing is necessary for compliance with a legal obligation to which the controller is subject;
I'm required to keep evidence about your KYC information and your financial transactions for compliance purposes for (e.g.) 7 years after you stop doing business with me. If I'm using them for that purpose I'd be in the clear GDPR-wise.
However, the day I break off doing business with you I need to stop using them for marketing or sales leads - that would be a GDPR breach.
Where I suspect it will get very messy for companies is the sexy new "hoover all the data into ML models" is going to come a GDPR cropper because I doubt most of the people doing it can show that they purged it when their relationship with the data owner ended, if they even had one in the first place. They're sure as fuck violating copyrights all over the place.
It's on a high speed train heading in that direction now.