Millions of Brits Set to Request Personal Information From Banks When the GDPR Goes Live Next May

Millions of Brits Set to Request Personal Information From Banks When the GDPR Goes Live Next May
31.10.2017 10:29 am

Millions of Brits Set to Request Personal Information From Banks When the GDPR Goes Live Next May

Banking

New research released today shows that around 21million* current account holders may submit a Subject Access Request (SAR) to their bank after the General Data Protection Act goes live in May 2018. Around a further 8million** credit card holders will also ask for the information held on them.

The research, conducted by Exonar, a leading provider of General Data Protection Regulation (GDPR) data mapping and data inventory solutions, set out to identify what people know about how their privacy rights will change in May 2018. The findings showed that 70% of people have no idea about the changes. However, once GDPR and the term SAR was explained to them, 57% said they would raise a SAR. 

The research also considered which sectors will be hit hardest. Financial services topped the charts with a third of people saying they would submit a SAR to their bank, 16% to their credit card provider, 8% their insurance company, and 5% to their loan company. 

Other targets for SARs included social media companies (16.4%), mobile network providers (11%), utility firm (8%), and a retailer (5%). A futher 9% would ask a current employers and 4% an ex-employer.

Julie Evans, COO at Exonar, said companies need to make the most of the time they have before the Information Commissioner’s Office (ICO) starts its consumer publicity campaigns: “Companies often ask us how they can predict how many SARs they will receive. It’s an impossible task as so much of it will come down to consumer awareness.

“At the moment communication efforts from the ICO are focused on getting companies ready for the GDPR, but come next Spring, we expect the focus to change as they start to inform the general public about the changes. If the ICO succeeds in raising consumer awareness then, as this research shows, the floodgates will open. Businesses really do need to make the most of the remaining months to get their data house in order.”

The research found that people are worried about how their data is managed today: 27% are concerned their data could be sold, and another 27% said they worried about hacking.

As part of the research, it was explained that a SAR could run into hundreds of pages***. Almost a fifth (18%) stated ‘shock’ that a company could hold so much about them and everything they have ever done, with 15% saying that if they held that much information they would want to know exactly what it was and a further 10% went as far as to say they’d want companies to forget about them altogether.

There were also environmental concerns: a third of people (31%) said they thought SARs were a waste of paper and would prefer to receive them in a secure digital format - just over a quarter were surprised a SAR wasn’t digitised anyway. 12% said environmental concerns would put them off doing a SAR.

Evans adds: “Going digital should be at the heart of any GDPR strategy. New technologies like data mapping, big data and machine learning will make it easier for businesses to ensure personal information is easy to locate and secure. Technology can help everyone in a business to follow best practice and avoid the potentially hefty cost of failing to deal with SARs and comply with the GDPR.  

“Aside from the cost, relying on manual processes is high risk. Going digital will make the process of finding and retrieving information quicker and cheaper, and also lessen the environmental impact of completing a SAR request.”

In order to offset the environmental impact of producing paper-based SARs and to encourage organisations to consider moving towards a digital process, Exonar is asking that for every SAR that is produced in paper a tree is planted or a donation is made to the Woodland Trust.

Related News

Unisys Launches New Version of Elevate™ Omnichannel Banking Platform to Facilitate Shift to Open Banking

 Unisys Corporation (NYSE: UIS) today announced the availability of the latest version of its ... Read more »

People Who Do Not Have Bank Account Pay £500 Extra a Year in Bills

People who do not have access to a bank account pay an extra £485 a year for everyday bills and services, research from an account provider suggests.

More than 1.2... Read more »

Remitly Brings Faster, Affordable International Money Transfers to France

Remitly, the largest independent digital remittance company in North America, has launched its award-winning service to France, making international money transfers more fair,... Read more »

First BELLIN Customer Goes Live with gpi for Corporates (g4C)

BELLIN, a global leader in providing web-based treasury software and services for multinational corporations, has successfully integrated SWIFT gpi for Corporates (g4C)... Read more »

NPM Capital Acquires 35% Stake In Ohpen

First and long-time investor Amerborgh sells a part of its stake in Ohpen to NPM Capital, that upon the transaction, will have a 35% stake in Ohpen. Amerborgh wanted to... Read more »

Praxia Bank to Offer Deposit Products via Cross-border Deposit Marketplace

A new deposit acquisition strategy capitalizing on cutting-edge technology and globalized market opportunities.

Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel