A growing number of fintech firms are gaining access to sensitive bank data, an issue that a senior officer for financial innovation at the top European regulator recently called a "major concern”. Meanwhile, a number of startups are struggling with resistance to their use of cutting-edge information management techniques that the finance industry still regards with suspicion.

Banks are increasingly turning to startups to reduce their regulatory burden by buying software from so-called ‘regtechs’ but the European Securities and Markets Authority’s Patrick Armstrong said that the level of sensitive data being consumed by these new providers - who are not themselves directly regulated by bodies such as Esma or the UK’s Financial Services Authority - is a worry.