Simplified privacy compliance for financial services

In “The Person Behind the Data,” a survey of 5,000+ consumers across the US and UK, we asked people what data practices impact their purchase intent.For financial services firms, consumers name retention—storing data for an appropriate amount of time, vs. indefinitely—as the biggest factor.

Among US adults who have ended a relationship with a company over broken trust, 29% say a financial services brand was involved, the highest of any industry. Are you storing consumer data for longer than needed? It’s likely not worth the risk.

51% of Gen Z named a fintech as their most trusted financial brand. Incumbent brands must invest in trust initiatives to build loyalty with younger audiences.

Financial services firms have access to our most sensitive personal data. As a result, consumers scrutinize how broadly financial services firms share consumer data with partners. All financial services firms are competing on customer experience, which can be enhanced by leveraging third party relationships. Getting the experience vs. trust balance right is paramount.

To comply with modern privacy regulations (like CCPA/CPRA in California), collecting consent preferences from your customers is only half of the consent and preference management equation. The second half is enforcing those preferences. Are you reflecting people’s privacy choices across your data systems and apps, ensuring their preferences are respected everywhere?

Smart companies will stop making hollow customer promises, and shift to creating collection and usage strategies that respect people’s choices everywhere.