GDPR in financial services:
What is at stake?
Atos Codex insight paper on the need for a new data culture
Much has been written on the impact of GDPR and other regulations such as PSD2. The focus has been on the compliance challenge and the potentially damaging impact of non-compliance. Yet little has been written on the opportunity.
If banks and insurers must comply with the new regulations then it is not just a case of putting the right systems in place. In this paper, we argue that large enterprises should look to institute a new data culture instead. This approach would meet initial compliance requirements but also prepare the organization for on-going change.
New sources of data are emerging all the time – from robotic process automation and chatbots in Banking to connected cars and wearables in Insurance. We explore how putting data at the core of the business is a sure-fire way to stay compliant in the future and win back consumer trust.