Financial firms' increased reliance on technology needs to be managed to ensure it does not go against the best interest of consumers, according to the Central Bank.
In its latest Consumer Protection Outlook Report, the financial authority says that while it encourages innovation, the deployment of FinTech must be done in a way that ensures fairness for customers.
The Central Bank says that as firms try to move customers towards online channels, they "must ensure that the necessary protections are in place to deliver the right consumer outcomes".
Companies should also be careful to avoid excluding particular types of consumers as a result of such a move, it says.
Separately the authority also warns that while firms may be under pressure to reduce costs, they should ensure that good quality customer service is maintained.
This will help to avoid errors and overcharging, it says, and helps to maintain the company's relationship with its customers.
The report also highlights the increased risk of systems failures and cyber attacks that comes from companies ever-growing reliance on technology and says that customers expect their financial service providers to offer a reliable and safe service at all times.
Beyond technology the Central Bank points to a number of other risks facing consumers at present, including high levels of personal debt and the cost of insurance.
More broadly it highlights the lack of a consumer-focused culture within many firms, which includes better communication with customers and an openness to feedback.
This, it says, helps companies to build stronger relationships with their clients while also allowing them to better identify emerging risks in the business.
The Central Bank says that while it has seen some firms making progress in this area, "there is clearly some way to go in making the sustainable shift that is needed".
Such a shift is heavily reliant on the board and senior management within a firm, it says, which plays an important role in setting the tone and direction of a company's culture.
Firms should also put internal consumer risk frameworks in place to ensure that they are actively identifying and managing risks as a matter of course.
