Customer data privacy is a primary concern for FIs to earn and maintain customer trust. Security and data management are often separately managed from privacy risk/compliance, which creates potential vulnerabilities. Firms are trying to achieve an optimal balance between safeguarding customer information and delivering an exceptional customer experiences.
Goals and Objectives
Implement tools to manage privacy workflows, consent management, and data subject rights management. These tools will be integrated with security and data management and classification applications. Optimally, an FI will know what consumer information is maintained and how it is used at any point in time.
Hardware: Enterprise hardware
Software: Analytics, AI, and application platforms
Innovation accelerators: Cognitive machine learning
3rd Platform technologies: BDA and cloud
Use Case Summary
Data privacy rules are evolving rapidly. Disparate data stores increase the risk of a data breach. FIs will implement technology to provide transparency around what data is stored, where it is stored, and how it is used. Data privacy tools will help aggregate and manage data to meet compliance requirements.