How do banks meet the requirements of the GDPR law?

17 June 2019

The GDPR law went into effect a little over a year ago. For many companies, that forced a shift towards more transparency in terms of how and why they collect visitor data, for example. That process seems to be quite tricky for banks in particular. Why is that?

GDPR law is a challenge for banks

This past week in the Netherlands, it became clear that 35% of major financial service providers consider the guarantee of data security to be their greatest technological challenge. That statistic was reported by banken.nl, the platform for the banking sector in the Netherlands.

A considerable portion of them, 18% in fact, say that they lack the proper resources in order to fully comply with the GDPR. Budget seems to be the largest cause for one-third of the banks.

Banks are obligated to guarantee the security of the data they collect, but the price tag for that guarantee needs to fit within the budget, of course.

 

Handling data

According to the tightened GDPR regulations in May of 2018, banks should be handling data in a different way. Research by data centre operator Digital Realty shows that a large number of banks has yet to find the right solution. All despite increased digitisation.

 

In the minds of consumers

Most consumers tend to assume that banks handle their data in a secure way. Unfortunately, that’s not always the case. And of course, it’s precisely when mistakes make their way into the news, that the damage could appear irreparably huge in the minds of consumers.

That’s why banks are currently searching for solutions to truly ensure data safety. Ultimately, customers will choose the bank that can guarantee it’s doing everything it can to safeguard personal information.

 

Two birds with one stone

Professional data handling can lead to profits, as well as prevent economic and reputational damage.

In order to keep within the budgets of banks, while still maintaining the safety of personal data, DataChecker has developed a solution.

This solution offers your bank the option to perform an ID Check on the WWFT, or Money Laundering and Terrorist Financing (Prevention) Act, and to verify its authenticity. That way, data handling is completely digitised in a secure environment at an affordable rate.

Wonder how we can be of value to your bank? Explore our solutions or contact us. We are eager to help your bank with secure data handling.