It is necessary that highly automated fintech business models for decision making take care of requirement of fairness through additional procedures, controls, and safeguards both in the development and deployment of models and also in the final decision making. 12. Risk of unreliability or vulnerability of technology is not limited to FinTechs.
However, since their business is heavily dependent upon automation, their vulnerability is also greater. 2/6  BIS - Central bankers' speeches  13. FinTechs need to be conscious of customer protection. Miss-selling, fraud, or misconduct by FinTechs may harm the very consumers they intended to serve. Careful management of this risk is significant for the sustainable development of the FinTech Sector.