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Data Privacy in Banking – Thematic Research

Whoever consumers trust most with their data, they are more likely to permission additional data

to and engage with them more frequently overall. Provided necessary technology changes are made, incumbent banks can capitalize on this advantage to deliver more personalized, contextual digital services amid the onslaught of new entrants. Doing so will require forward-thinking IT teams to balance the value of collecting, storing, and processing large volumes of data against the pressing requirements for privacy, security, and compliance. Different customers often feel differently about what data to share, when to share it, and how. The same customers can feel differently depending on what they get in return, the provider, or the sensitivity of data. Engaging in a personalized way will increase the chance of conversion (or consent). Incumbent providers need segmentation models for privacy that recognize that data permissions and consent are a constant trade-off between what customers want to reveal and what they want to get back.

Scope

Since the introduction of GDPR in 2018, more than 60 jurisdictions around the world have enacted or proposed a privacy or data protection law – including Brazil, Japan, Thailand, and various states around the US. These regulatory initiatives are both a manifestation of consumer concerns in data and a driver of them.

The more comfortable consumers feel about sharing personal data with companies, the more likely it is that they will use their products and services. Providers can increase comfort levels by segmenting customers by privacy preferences rather than assuming a one-size-fits-all policy.

Various types of privacy-enhancing technologies – such as encryption, anonymization, and pseudonymization – can enable data mining without violating data privacy, thus not requiring explicit customer consent.

Reasons to Buy

Understand key technology, macroeconomic, and regulatory trends impacting the data privacy theme.

Identity priority application areas for privacy-enhancing technologies and the vendors and banks delivering these experiences to end users.

Access firm-level insight on the leading players within data privacy.

Key Players

Amazon, Google, Facebook/Meta, Apple, Alphabet, Tinkoff Bank, AIB, Capital One, WeBank, MYbank, Monzo, NatWest/RBS, Danske Bank, DBS, TSB, BBVA, Citibank, mBank, Revolut, Credit Agricole, Barclays, CreditLadder, NovaCredit, Experian, Equifax, TransUnion, Tink, Bud, Plaid, TrueLayer, Cornami, Decentriq, Immuta, Inpher, Statice

Table of Contents

| Contents

Executive Summary

Players

Thematic Briefing

Trends

Industry Analysis

Value Chain

Companies

Sector Scorecards

Glossary

Further Reading

| Our Thematic Research Methodology

| About GlobalData

| Contact Us

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