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GDPR - Threat or opportunity?

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Is GDPR a threat to financial services businesses, or are there potential opportunities to embrace? We weigh up both sides and offer our perspective.

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GDPR - Threat or opportunity?

  1. 1. iress.com GDPR Threat or opportunity?
  2. 2. iress.com 2 IRESS is a supplier of software products and solutions for the financial services market. Whilst we seek to understand relevant changes to the regulations that will affect our clients’ businesses, we do not purport to offer definitive advice or guidance as regards the meaning or interpretation of any new regulations. As such, any views and / or statements made within this presentation should not be relied upon and your own particular position should be checked with your Compliance Officer and / or Compliance Service provider.
  3. 3. iress.com 3 • Replace 1996 Data Protection Directive • Will apply after Brexit • Aims: • Give individuals greater protection, rights and control over personal data • Harmonise data privacy laws across Europe • Laws that reflect our technology and data-driven world What is GDPR?
  4. 4. iress.com 4 • Honour individual rights to request erasure, rectification, restriction or a copy of information • Fair and transparent processing • Specific and explicit consent • Limited to what is relevant and necessary • Kept accurate and for no longer than is necessary • Ensure appropriate security What does it mean?
  5. 5. iress.com 5 Threats
  6. 6. iress.com 6 Fines • Current: £500,000 • GDPR: Up to €20million or 4% of annual turnover (whichever is greater)
  7. 7. iress.com 7 • Breaches will make the headlines • Consumer trust is difficult to regain Reputation
  8. 8. iress.com 8
  9. 9. iress.com 9 • Many leaving GDPR too late / to the IT dept • Considering discarding data as solution • Unnecessary loss of valuable information Data discarding
  10. 10. iress.com 10 Opportunities
  11. 11. iress.com 11 Greater trust • Greater security and transparency = greater trust • Impacts customer attraction, retention and advocacy • Communicate your policy changes with customers
  12. 12. iress.com 12 Digital transformation • Accurate / up to date data is a requirement • Fundamental to any digital transformation initiative • Opportunity to offer customers: o More flexibility on channel o A richer experience o Greater service value
  13. 13. iress.com 13 Competitive advantage • Just 6% of UK firms regard GDPR compliance as a priority* • Inboxes will be less crowded • Opportunity to be seen and heard • Start collecting consent and preferences now • Be more relevant and engaging *Research conducted by Sophos – survey of 625 IT decision makers
  14. 14. iress.com 14 GDPR: Threat or opportunity?
  15. 15. iress.com 15 Get it wrong: The reputational and financial threats are huge Get it right: The reputational and financial opportunities are huge Start now! GDPR should be a business-driven project. Collect consents and preferences now. Think strategically about your technology. (don’t build your next legacy system)

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