Data Privacy In Banking Thematic Report

By Author: khansurry
Total Articles: 36
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to and engage with them more frequently overall. Provided necessary technology changes are made, incumbent banks can capitalize on this advantage to deliver more personalized, contextual digital services amid the onslaught of new entrants. Doing so will require forward-thinking IT teams to balance the value of collecting, storing, and processing large volumes of data against the pressing requirements for privacy, security, and compliance. Different customers often feel differently about what data to share, when to share it, and how. The same customers can feel differently depending on what they get in return, the provider, or the sensitivity of data. Engaging in a personalized way will increase the chance of conversion (or consent). Incumbent providers need segmentation models for privacy that recognize that data permissions and consent are a constant trade-off between what customers want to reveal and what they want to get back.

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