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Loeb Counsel Eyvonne Mallett on the Future of Financial Services

Loeb Advanced Media & Technology of counsel Eyvonne Mallett is profiled in a Q&A by Morningstar magazine in its Q2 2023 issue, where she discusses open banking, digital assets and the regulation and use of advanced technologies within the financial services sector.

In the profile, Eyvonne stressed the Consumer of Financial Protection Bureau’s (CFPB’s) need to “strike a balance between protecting privacy and security, allowing consumers control over their data, and advancing competition.”

“The European Union addressed these issues by standardizing the technology used to share data, providing clear guidelines, and enacting uniform regulations,” she said. “A review of the EU’s process may be instructive for the CFPB.”
In addition, Eyvonne explored how new technologies are being used within financial services. “Artificial intelligence finds irregularities in patterns that would go unnoticed by humans,” she noted. “One of the most significant business cases is to prevent fraud and cyberattacks. Firms are developing virtual reality trading workstations to improve accessibility to trading algorithms. Augmented reality is being used in financial products. A major credit card retailer, for example, has collaborated with AR to build a universe in which users may pay without leaving the virtual environment.” 

When asked about what lies ahead, Eyvonne told the publication that “There are profits to be made by moving money between the digital and physical worlds. Metaverse platforms allow users to buy virtual goods—sneakers from Nike, clothes from Gucci—to decorate their avatars, usually with digital assets. Transferring that into the real world involves exchanging it for real currencies.”

To read the full Q&A, please see Morningstar’s digital magazine.