2016 – Time to comply with Data Privacy law
2015 bore witness to a huge disruption in financial services, with a range of fintech companies coming to the fore.
Advances in customer-led financial technology have led to increased industry transparency, empowering consumers.
Trunomi’s platform is a good example of this movement, giving end users a way to share their personal data with informed consent, while providing financial institutions with the framework to handle and process this data securely.
This comes at an opportune time for financial institutions, whose new year resolutions need to include an overhaul in how they acquire and manage customer data, due to incoming legislation.
In 2016, the European Union has resolved to unify customer data laws with the EU General Data Protection Regulation (GDPR), which was approved in December 2015. This legislation, to be fully ratified in 2016, controls the security and management of customer data, putting the power of back into the hands of consumers themselves. It has significant ramifications for the financial services sector, who will need to seek a solution this year in order to meet a 2017 deadline.
Globally, the financial world is experiencing a compelling convergence of regulatory risk, governmental policy, consumer awareness and technological innovation.
Financial institutions must rethink how they manage, store and share customer data in 2016, implementing more rigorous and auditable KYC and customer data management processes.
With advent of GDPR, supporting customers’ digital rights management for personal data will become mandatory, which is why we have created a platform that enables banks to connect to their customers with a customer-driven data sharing platform.
I believe this trend of transparency and personal data control will define 2016, fundamentally shifting the power dynamic between financial institutions and their customers.