The reason behind the biggest financial services mindset change in history - View the infographic here
Capco’s Data practice, in partnership with technology partner Marionete, hosted a breakfast session to explore how firms can navigate the challenges brought about by the new General Data Protection Regulation (GDPR), while looking at ways in which companies can use the new regulation to their benefit. The session was particularly timely given the upcoming May 2018 deadline for GDPR compliance.
In the opening remarks, the focus was on how GDPR will impact the customer journey and the challenges it brings to the current banking mindset. Privacy by design and by default have major IT infrastructure and data architecture implications We highlighted practical ways to tackle core GDPR requirements in the shorter term, to ensure compliance and provide more transparency to customers about how their data is being used. There is no silver bullet – GDPR requires the integration of different capabilities in order to achieve and maintain compliance.
So where is the opportunity? The opportunity is in trust. GDPR offers banks a chance to gain the trust of their clients. By being clear and transparent with clients on how they use their data as well as providing timely data service, there is an opportunity for banks to build trusted relationships which will reinforce brand loyalty and help capture new market share.
Consent management vendor, Trunomi, explored the process of data capture and consent management through an immutable digital certificate, enabling enterprises to process personal data requests for access, erasure, rectification and portability while increasing transparency and trust in the relationship. Next in the line-up was SecuPi, a GDPR focused technology supplier who explained how dynamic consent controls and logical & physical data erasure and anonymisation can be made simple by masking data in applications based on a need-to-know access privilege, instead of modifying the data sources.
The second half of the seminar saw Capco and Marionete take the stage together to discuss some of the exciting proof of concepts we are currently running with a number of financial institutions in the UK to include context and semantics in data discovery. With no established industry ontology and poorly structured data, many business analysis hours are required to increase the confidence in search results, making the classification of data an onerous task. We bring an innovative approach to scale and improve this process whilst identifying the whole universe of data in scope for GDPR. Semantics are mapped through a traditional technical data lineage, whilst a relational graph database is used to learn the relationship between data elements, increasing the probability of positive results. A machine learning algorithm continuously improves the process, whilst providing the probability of a match based on user inputs and confirmation of previous searches.
For more information on our Data Practice and how we help our clients please contact.
Chris Probert, Head of UK Data Practice
James Arnett, Partner, UK Capital Markets
Chris Probert is the Head of the UK Data Practice at Capco.
The content and opinions posted on this blog and any corresponding comments are the personal opinions of the original authors, not those of Capco.