The General Data Protection Regulation which applies to all EU countries affects many fields. Banking is no exception. Moreover, banking data are also sensitive and specific information and need to be particularly guarded. In order to deal with the risk of data deterioration, leakage or loss, it is important for the various players in the industry to take appropriate security measures. These new security measures are part of the RGPD.
The use of the RGPD in the banking sector
With the advent of the digital revolution, all customer data has generally become more accessible and mobile for businesses. Faced with various excessive practices by some companies, it is necessary to adapt the legislation. Since the entry into force of RGPD, companies and public institutions have had to review their security systems for the collection and processing of personal data. Like all industries, the banking market is also affected by this new regulation, so adjustments have to be made at different levels : data collection to obtain prior explicit consent from customers and data storage. Customers can correct or even delete the information entered. You can see the kameleoon A/B testing platform.
Information needed for banks
The difference between the banking sector and other sectors is that the collection and processing of personal information is mandatory. These institutions can, in fact, access the client’s financial situation, assets, income and profession. In addition to this personal data, there is also information on the customer’s health status in the case of loan insurance. The collection of information also complies with regulations aimed at combating money laundering and terrorism. Very precise data are therefore extremely sensitive and must be optimally protected. In order to maintain this valuable customer knowledge while complying with the RGPD, banks need to find the right balance. While most data is now digital, the banking data also exists in paper form.
Customer trust is strengthened
In order to ensure the security of customer data, the RGPD generally allows for the protection of internal bank information to be strengthened. Among the various measures that are implemented by the RGPD, customers can also use their new rights to keep control over the information. Various RGPD measures have strengthened the systems that banks have in place to ensure the security of the particularly sensitive banking data.