Digital transformation and data privacy are dependent on one another and are a must for financial services to be successful in the coming decade. Many financial services have adopted a more technical approach in hopes to build customer relationships, focusing on speed services and processes, instead, financial services can also use approaches to personalize and improve overall customer experience.
There are many challenges financial services face that interfere from them being able to engage with personal data thus building and retaining customer relationships such as, the pace of regulatory change, a regulatory framework for data exchange, unanticipated regulatory complexity, complexity if current data architecture, the shift in the location of customer engagement and vulnerability of third parties. Point solutions focus on specific issues and do not support deep customer relationships that digital transformation success requires.
In order to meet these challenges head-on, financial services should use a holistic approach to data privacy and ethics to achieve data intelligence, which is essential to digital transformation. Actions taken to handle personal data ethically are to uncover personal data throughout the organization, create a single source of truth for personal data, transform the way people think about personal data, embed a sustainable approach to compliance and ethics, empower people to discover personal data, manage personal data use with automation and embed privacy-by-design within innovation.
A strategic approach rather than a project-based approach aids in digital transformation by deepening customer relationships. A strategic approach to personal data allows company executives to overcome legacy challenges, comply with agility, build trust, know the customer better, enhance customer experiences, connect with new partners, and innovate to achieve data intelligence and thus implementing sustainability to data privacy. Download the whitepaper to find out how to think strategically about digital transformation and data privacy.