Challenge: GDPR Compliance
- The EU General Data Protection Regulation (GDPR) will replace the existing Data Protection Directive and have a monumental impact on EU organizations and data subjects.
- Its extraterritorial scope will mean it will apply to all companies dealing with (or marketing to) EU citizen, not just those with operations in Europe.
- Banks and other data controllers will have to fundamentally rethink the ways in which they collect and handle customer data:
- Arguably the biggest change is the call for explicit, informed data subject consent for the processing of data and the right to withdraw that consent
- Customers must also be able to request and receive confirmation of the erasure of their data – ‘Right to be forgotten’
- Customers must be able to request and receive a digital copy of their personal data in a format that is usable and have the right to transit that data to another controller without hindrance – Right to Data Portability
- Customers must have the right to request and obtain confirmation of where and when personal data is being processed and access to the data – Right to Access
- Fines under the GDPR could be as high as 4% firms global net annual turnover or €20 million.
- Fines and enforcement will start May 2018
- For further information please see our whitepaper
- Trunomi’s consent and data rights management technology enables a business to request, receive and capture customer consent to the use of their personal data
- For the business we create consent receipts and convert them to customer data rights presented within a dashboard which are accessible across all data systems
- These consent receipts (TruCerts) prove opt-in, informed, specific (contextual) data subject consent to the use of their data
- For the customer we provide control and transparency over how their personal data is used and empower them to share more data
- 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
Using the Trunomi platform, financial service providers can simply and quickly solve key aspects of the incoming regulation and avoid heavy fines and sanctions as well as provide enhanced and personalized services for their customer, thereby increasing customer satisfaction and retention.