Technology has been developing at an increasingly rapid pace across the world, and along with it, data generation, storage, and integration into everyday business operations.
As organizations continue to invest more in their data capabilities and AI regulations try to keep pace globally, financial institutions (FIs) need to ensure they have a framework in place to manage data ethically across its’ lifecycle.
FIs have a fiduciary duty to their clients and are expected by society and governing bodies to act in the best interest of their clients. However, as FIs operate across economic and cultural boundaries, data regulations can be expected to differ, and consumers across regions have begun raising concerns around how companies are collecting, using, and sharing their data. Consumers’ increase in cautiousness can lead them to lobby for more stringent government policies on how companies can use client data and how transparent they must be when doing so.
This brings us to question how FIs can ensure that they are not only following data laws but also instilling trust in their customers and the public at large, that they are guarding and using their personal information ethically.