When I searched for some information about the transformation of banks in the era of big data, I found this news.

On September 25, 2020, China Everbright Bank and Alibaba Cloud have signed the framework cooperation agreement of the cybersecurity joint innovation laboratory. They will focus on artificial intelligence, the Internet of Things, blockchain, big data, and other fields, conduct key research on cybersecurity, innovative products, and advanced solutions, and explore solutions about the integration between China Everbright Bank's financial business and Alibaba Cloud's security.

Most Chinese banks are recruiting a large number of technical talents to help them promote their internal systems and financial services, however, some banks will also choose to cooperate with technology companies that may need lower cost. If banks choose to collaborate with these companies, these technology companies may get access to clients' data of banks. how to protect their clients' personal data? Privacy issues have become a concern for everyone nowadays.

One method may the specific contract that can limit the use of data. Are there any other approaches that can alleviate the privacy issues with the development of fintech?