General Data Protection Regulation
The key tenets of the GDPR regulation force the banks to review some of its core data management policies and processes that have been in place for decades. This transformation that banks will have to undergo is not merely a technology transformation – but has an impact in all aspects of the business including Operations, Governance, Technology etc.
As compared to other industries, banks are not alien to managing sensitive data at the highest level, after all – many banks have had very well established procedures around managing confidential and sensitive information around ‘Private and Public side of the Wall’ within the Corporate / Investment banking world. The new challenge is to be able to apply the same rigor of privacy at a consumer data level, which is inherently high in volume and scattered across multiple groups. To be successful, the banks needs a broad level of engagement with full management support.
GDPR Compliance with the Finacle Data Privacy Module
Finacle has been architected on core foundational principles around Data Privacy and Data Protection. It’s robust user entitlements process ensures internally data is shared strictly on a need to know basis and the minimum mandatory fields identified for each business product enables the bank to define a clear boundary around extent of data that would be required to be gathered from the customer. These are some of the core principles embedded in the GDPR regulation – Finacle’s ability to support this across all of the modules gives our customers a head-start in its GDPR implementation program.
