Regulators are ratcheting up data privacy oversight. How are bank marketers responding?
Federal and state regulators demand that banks collect, store and use consumer data responsibly — forcing bank marketers to adapt their processes, increasing transparency in how data is used and being more deliberate in obtaining consumer consent.
As digitization becomes more prevalent, bank marketers have access to troves of consumer data to help them personalize the customer experience.
But state and federal regulators have taken note and are ratcheting up consumer data privacy requirements for banks and financial institutions, putting a particular emphasis on how banks collect, store, protect and use consumer data.
Increased regulatory oversight, coupled with the forthcoming phase-out of the web cookie, is forcing bank marketers to adapt their processes and procedures to a new era where consent is king and transparency in how — and where — the data is used and shared is more crucial than ever before.
Unpacking state and federal data privacy regulations
In financial services, several U.S. regulatory bodies set data privacy standards and provide frameworks and guidelines that financial institutions must follow to ensure the privacy and protection of consumer data in their marketing efforts, says Anna Kooi, partner and national financial services leader at Chicago-based consultancy and accounting firm Wipfli.
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