Moreover, new authentication technologies such as biometrics authentication through big data analysis enable customers to use various financial services in a more secure manner. Secondly, big data may facilitate the networking of financial services with broad industries. For example, safe and efficient payment instruments are extremely important for e-commerce and the sharing economy.
However, while Barbados was in the top tier of the recent list of financial centres issued by G20, and therefore had no problem, the principle being applied was one of encouraging compliance through the power of reputational risk. As a consequence many countries within the region have hastened to put corrective actions in place.