Banks are lobbying against the EU legislation, which may cause a power balance shift between European FinTech firms and banks. A Financial Times report discusses PSD2, the second payment-to services directive that intends to improve competition between banks and FinTech by getting banks to allow third parties to access customer data. Banks want more regulation on FinTech and access to customer data, but FinTech believe that having to go through the bank for any customer query will overly slow down transaction lead times.
I believe that security should be prioritized over convenience and instantaneous transactions. As mentioned last week, all of my friends who do not use mobile banking or money transfer apps avoid doing so for security purposes. They likely do not know how the digital money transfer/management works well enough for them to feel safe using these technologies, no matter how convenient they may seem. At the same time, however, I believe there should be a balance between security and response time. If an online transfer is secure but takes longer than traditional banking, which is allegedly safer, I may opt to go to a bank. There should be a reasonable balance between security and speed.
Source: https://www.cryptocoinsnews.com/fintech-firms-big-banks-are-lobbying-to-block-change/