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The rapid evolution of privacy and personalization

Blog: Capgemini CTO Blog

Financial Services customers have made it clear. They want personalization. And, financial institutions need to respond to customers and push forward with personalization. To do this, they need data. But they also need to do personalization responsibly, which can be accomplished by understanding privacy regulations and data best practices.

Many nations are developing or implementing privacy legislation that is similar to the EU’s General Data Protection Regulation (GDPR), and this evolving patchwork of privacy laws will continue to challenge how organizations interact with customers, citizens, and employees. Fortunately, we see a great deal of commonality in the emerging regulations and having a flexible privacy framework is therefore wise for global businesses.

The digital footprints of consumers and financial institutions are increasing rapidly. In fact, due to the advent of COVID-19, we are seeing more remote workforces and homebound consumers conduct business through digital channels. As a result, privacy laws need to ensure the personal data collected and processed through a firm’s network are appropriate for its use and are handled in a legal and secure manner. With the GDPR in Europe and the California Consumer Privacy Act (CCPA) in the US, we are also seeing an increase in data-breach litigation, where laws allow for a private right to action. This is critical, as data breaches can be detrimental to a company’s existence.

Financial-services companies increasingly see themselves as technology companies in the digital domain. To drive personalization, they must collect far more personal data, process larger data sets, and derive actionable insights to improve their product offerings and stay competitive. This requires mature data-management functions and good quality data, combined with privacy-by-design thinking and implementation of privacy and security controls.

What is the role of data protection?

As data flows from the first digital intake to other parts of the organization or combines with other data sets, privacy policy should be integrated at every level to ensure appropriate measures are implemented.

Personalization doesn’t just come from the sharing of additional personal data; it also comes from analyzing behavior and patterns derived from business transactions. Whether the personal data is processed as zero-party (personal data collected directly from consumer) or combined and processed with third-party (data collected by other companies) and internal data sources, different levels of privacy and data protection may need to be applied. Extracting insights safely and legally is what enables a firm to be a leader and strong data compliance is essential.

Industry best practices and approaches to data-protection compliance

Components of a data privacy program

Data privacy compliance is multi-faceted, and this chart represents our view on how to make it happen by highlighting needed technology capabilities and investments. You could use this chart as a checklist to view your data privacy compliance efforts from different points of view. It applies to new or existing transformation programs. The labels provide additional dimensions for functional positioning:

On establishing an enterprise-level privacy program, firms should invest in privacy controls and technology wisely. Main considerations should include:

Data privacy compliance is complex, but it is essential especially now as customers are asking for both personalization and strong security. As we all re-invent new working styles in the age of COVID-19, data privacy should be at the top of everyone’s minds.

I hope you enjoyed reading this blog post. Remember to stay safe, stay connected and look after yourselves.

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