A lot is being read, written or heard about GDPR – it’s relevance, implications to institutions that collect personal data, and ramifications of non-compliance. Therefore, this will not deal with any of these in detail. Keeping it simple we will try exploring 4 specific impact points within financial institutions because of this regulation, and therefore what changes this may ask to be brought about in systems, while meeting its terms under the 99 articles that GDPR comprises of.
The Retail Banking industry is under immense pressure. Disruption from Fintech, a history of misselling scandals undermining customer trust, ever new regulation and internal costs that keep rising while employee engagement remains low.
To combat the rising tides, most banks try a combination of heavy investment in technology, internal restructuring, closing branches, and automating activities to reduce costs.
The results are a mixed bag.
In this third post, the final instalment of the series, we’ll see why Banking as a Platform (BaaP) strategy makes sense for banks of the future