Financial Services Still not Protecting Customer Data

Financial Services Still not Protecting Customer Data

Stuart Lacey

Founder and CEO at Trunomi

Views 1275

Financial Services Still not Protecting Customer Data

27.01.2017 11:15 am

Mark Carney's comments come at a time when the industry is facing landmark regulation - the General Data Protection Regulation - which fundamentally alters the way that banks interact with their customers.

The regulation need not be a bad thing. If handled correctly, and banks embrace the need to protect the rights, title and interest each customer has over their own data, these new laws can enable banks to build deeper customer relationships. The scary thing is however, that with such a limited amount of time to go until regulations come into force, many institutions still need to implement the right measures to reach compliance. That shows that, as an industry, financial services is still way off being where it should be in terms of seeing this as an opportunity and protecting customer data.

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