Data privacy has become a growing concern for financial institutions across the globe and has been perceived as the biggest obstacle to deploying security analytics solutions. Banks are already using a tremendous amount of data to better target prospective and existing customers, develop personalized products, improve customer experience or boost engagement. And their hunger for data will only grow with the spread of innovative tools and technologies, like machine learning or advanced analytics.
The challenges are also multiplying with the introduction of PSD2 which is reshaping the banking sector and while the introduction of GDPR last year, has had a huge impact on how companies must protect data.
Open Banking will allow TPPs to access data and use it for customer servicing, if there is a breach of GDPR rules by a third-party provider, where does the culpability lie – with the bank or the TPP? And who does the customer take its grievances to? Can the same definition of ‘consent’ be used for both regulations? These issues, along with many others, need to be clarified by the regulators.
The advancements in technology and the growth of AI, companies are struggling with how they can continue to innovate with data within the context of constantly evolving privacy regulations and increased consumer expectations around privacy and data protection.
The two day event will take place at Emperors Palace in Johannesburg on the 11 & 12 September 2019. The conference will focus on the practical steps organisations can take to ensure they go beyond compliance to manage privacy, risk and data protection effectively.