Even if you do reside under a rock, it's unlikely you would have missed the emails, privacy updates and media coverage accompanying the arrival of GDPR.
Our cyber risk team, who have been helping many financial services firms comply with these changes, very much see GDPR as an opportunity for companies to:
- get their data in order
- make better use of that data
- build closer customer relationships
- increase consumer trust
Check out Stephen Bonner's blog post on the lessons from GDPR for more on this point.
Alex Don in the cyber team has gone one step further in his blog post and identified that FinTechs could gain from the new regulation as well. Yes, the fact their systems tend to be easier and cheaper to change compared to the big FS companies is widely recognised. But Alex's point I found most interesting was about the potential for start-ups to partner with the big FS firms to provide software and tools that ease data management and interpretation.
If you've managed to get through all those privacy update emails in your inbox, it's worth a quick read.
This new frontier offers FinTechs growth, development of valuable relationships and the closer embedding of their businesses in the financial landscape