Ready for GDPR? Ideally, financial services institutions should not simply think about GDPR as a compliance exercise, but also how they can best ensure world-class customer service in the light of it. This is one of the messages in Data Governance, Customer-Centricity, and the GDPR, an Executive Brief from IDC Financial Insights, published in 2016 and sponsored by Cognizant and Informatica.
Among the main conclusions, you’ll find that:
- Those financial services institutions that are most advanced with their data governance generally will find GDPR easiest to comply with. However, there is plenty of work for all players in the market, and the deadline is close.
- Understanding of the GDPR specifically is lacking, so the first step for many institutions should be to build awareness, initially among key stakeholders but eventually across the firm. The size of penalty for non-compliance should be a call to action in itself.
- There are software solutions available to help with different aspects of GDPR, such as Master Data Management, Data Masking and Data Discovery solutions, which financial services institutions can consider.
- Just like other data governance challenges such as BCBS 239 and SOLVENCY II, compliance with GDPR should be viewed as a reason to strengthen data governance and an opportunity to implement best-in-class practices. Every financial services institution in Europe and beyond will have to comply: but those that do so first, best and cheapest will be at an advantage, and will be able to think creatively about how to integrate GDPR compliance into their customer service proposition.