Consent Management For Digital Marketers

Posted 24th January 2017 by in Consent, Use Cases Topics: , ,

Consumers are becoming more aware of brands' data rights management processes

Challenge: Consent Management for Marketing Data

  • Firms face growing barriers to launching new products designed to leverage existing customer relationships and data, undermining their innovation efforts due to lack of consent management capabilities
  • Large corporations are experiencing disruptive competition from new entrants who are benefitting from falling costs of innovation due to advances in communication technology
  • Large costs are often incurred by both the seller and buyer in financial services when an existing customer relationship is augmented by a new transaction or privacy permission
  • Firms want to offer personalized services to customers but, despite having the data to be proactive and predictive in offering products, they cannot organize and share this data with necessary counterparties
  • Under EU General Data Protection Regulation (GDPR) Marketers will be required to get specific, informed and opt-in consent from customers before using personal information as marketing data
  • Silence, pre-ticked boxes or inactivity do not constitute consent
  • Fines for non-compliance can reach as much as 4% of global revenue or €20 Million (whichever is greater)
  • Incoming enforcement of GDPR on 25 May 2018 has been described as “an extinction event for ad tech in Europe.
  • In the UK the Information Commissioner’s Office (ICO) has already taken action against two global firms for sending 3.3 million unlawful marketing emails without proven consent, or when customers have already opted out of emails, and have warned firms that “Businesses must understand they can’t break one law to get ready for another (GDPR).”

Solution

  • Trunomi solves customer-centric consent management with consent capture (request, revoke, receipt) and compliance certificate, TruCert
  • Trunomi enables compliance with customer driven data subject access requests (right to access, rectification, erasure and data portability) with an all-digital customer channel and immutable data record
  • Our technology enables banks to unlock the power of their data by reducing costs of obtaining customer permission to share data with counterparties
  • Using Trunomi’s data rights management platform banks can launch new products and services, built upon permissioned use and sharing of customer data
  • Banks access new revenue and customers accept personalized offers with seamless, customer-centric all digital experiences

Summary

Unlock value of customer data

Innovative engagement tools build and strengthen customer relationship – increase revenue

Cost Saving

Efficient digital customer channels reduces consent of gaining consent to market to customers

Cross Sell Services

Trunomi can facilitate enhanced cross-sell activity that leverages the identity and authentication assets

TruCert Proves Regulatory Compliance with data privacy regs by proving customers digitally consent to share personal data with counterparties