The race is on for banks to comply with the GDPR, the European Union’s landmark data privacy regulation.
On May 25, EU companies will no longer be able to collect and use personal data without the individual’s consent, under the General Data Protection Regulation. U.S.-headquartered banks and fintech companies with global operations are anxiously preparing to comply with the new rules, anticipating a time when U.S. customers will demand the same protections from their home institutions.
GDPR applies to any organization operating within the EU, as well as those located outside of the EU which offer goods or services to customers or businesses in the EU. “Personal data” can include basic personal identifiers like a name, photo, email address or bank details, as well as things like posts on social networking websites, medical information or computer IP addresses. Customers have the right to a copy of the data institutions keep about them, as well as the right to be forgotten, or demand those institutions delete that data.
For U.S.-based banks with a global reach, it opens up questions about how to handle EU customer data and make sure they obtain customers’ consent to collect and hold their personal information.
More in Marketing
Best Buy, Lowe’s chief marketing officers explain why they launched new influencer programs
CMOs launched these new programs in response to the growing importance of influencers in recommending products.
Agencies create specialist units to help marketers’ solve for AI search gatekeepers
Wpromote, Kepler and Jellyfish practices aim to illuminate impact of black box LLMs’ understanding of brands search and social efforts.
What AI startup Cluely gets — and ad tech forgets — about attention
Cluely launched a narrative before it launched a tool. And somehow, it’s working.