GDPR - A Year To Go: Huge Opportunity For Both Consumers and Financial Institutions

GDPR - A Year To Go: Huge Opportunity For Both Consumers and Financial Institutions

Gé Drossaert

Group Chief Commercial Officer and Member of the Board at Fidor

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GDPR - A Year To Go: Huge Opportunity For Both Consumers and Financial Institutions

25.05.2017 09:45 am

For consumers, the EU General Data Protection Regulation (GDPR) affords them a number of additional protections regarding their data and really gives them a say in how this data is managed and used. Meanwhile, for financial institutions, with GDPR they face a regulatory landscape which is more complex and which ultimately increases their costs as they try to get ready before May 2018. However, crucially, GDPR also creates a significant opportunity for banks to become more transparent in their business practices, which can only enhance the trust levels with their customers.

From Fidor’s perspective, we’re in quite a good position as we can work with Fidor Bank to make sure that we are fully compliant. The importance of compliance can’t be overstated, this is because data security and protection are part of our value promise to our banking and software clients.

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