Validation of some thoughts for my idea
Hi everyone,
I'm currently in the process of developing an app, but I've encountered a potential roadblock related to data protection concerns. Specifically, I'm working on a financial app that will require users to provide various pieces of information such as bank statements and salary details... I want to emphasize that I have no intentions of storing any of this sensitive information.
My question to you all is whether you think I might run into legal issues or face challenges related to data protection regulations by collecting this data for temporary use in the app. Is it worth proceeding with this endeavor given these concerns?
Thank you
Hola. IAAL. Lots of SaaS and apps store financial information about individuals. You shouldn't let that fact, alone, dissuade you. There are certain data governance hurdles you'll have to overcome depending on the type of financial information you're storing and whether you're B2C or B2B, but they certainly aren't product-killers.
Thanks a lot, this boosted my confidence to do the actual product. This was stopping me for 6 months to actually start.
Should be okay. But just make sure to automate the deletion of the docs once processed based on what's allowed. Many apps do that.
thanks a lot