In my last blog, I told you about the holistic approach Quadient takes on handling the digital transformation financial services are going through. The main idea: Don’t just build strong departments; create a successful company with sound data management at the heart. As promised, I will now take you along in the next step on our way to Know Your Customer 2.0: Privacy Compliance.
Go with the flow
When it comes to privacy compliance there is a lot of fuss we all know something’s coming our way in 2018 (at least in Europe), and we tend to look at it as if it were yet another hurdle to take. Like Customer Due Diligence, or omni-channel marketing, or CX. If that is indeed the way financial organizations approach the privacy issue, then sure, it’s going to be a burden. Without going soft on you (again, we’re still in business): At Quadient we believe organizations should stop resisting and start embracing privacy compliance.
Because if handled well, the hurdle might prove to be a value driver.
Privacy compliance: the real deal
But before we dive further into the subject we need to define what privacy compliance is. Let me simplify what the GDPR (the EU General Data Protection Regulation) stands for. As of May 2018 you should be able to provide (in) the following at all times:
- an adequate level of security to secure all personal data (users, roles, who is allowed to do what with data)
- right to access
- right to rectification
- right to be removed
- audit trail and action log on all data
If you’d like to read more on the subject you can download the GDPR brochure.
The real value of privacy compliance
So at Quadient we look at privacy compliance from a holistic point of view. We help organizations to integrate privacy compliance rules into their systems or rather onto their systems: like a layer that wraps around every privacy related bit of data, without disturbing any system, data or process that it is part of. That way you gradually build a record for each customer that holds all the necessary information in case you need it (and allows you to remove it, but now we’re talking details). So that’s the practical side of things. Now let’s focus on the holistic again. I mentioned earlier that if handled properly, privacy compliance might be a value driver, or in other words: An opportunity to actually get to Know Your Customer. Because in order to handle privacy compliance, you need to create a Single Customer View that you can rely on. Not just for privacy matters, but also for your day-to-day business. If you need to do it, you might as well do it right.
To stay in the soft lingo: Organizations need to embrace privacy compliance as something precious. It will help prevent reputational damage, prevent facing large fines, but most importantly, it will help you keep your customer.
This was the second of a series of five KYC 2.0 blogs that I’ll be writing over the next months. I’ll zoom in on each of the essential elements for a healthy organization. I hope you enjoyed the read again; next month I’ll be back with a special on enrichment in KYC 2.0.
