The vast majority (92%) of chief marketing officers in the UK's financial sector say their organisation is fully prepared for GDPR (General Data Protection Regulation), according to data management company, Relay42.

However, 96% of CMOs actually believe it is the responsibility of their executive-level colleagues to ensure GDPR compliance by the 25 May 2018 deadline. Just 4% agree it is the marketing department's responsibility.

Despite claiming to be ready for compliance, only 18% of the CMOs are able to identify origins of data, and only a quarter of the marketing executives are fully confident that they are able to edit, change, or delete all data relating to customer data after a “Right to be Forgotten” request has been filed. The survey reveals a risk for financial services providers as this indicates that many CMOs are not ready for the practical implications of GDPR.

In addition, only 2% of CMOs are currently able to access permissions for customer applications, yet over half of respondents received a data export to their computer or an unmonitored device in the last year. This lack of control over customer data opens up a risk of breaching the 2018 GDPR updates.

A supplementary whitepaper, created in collaboration with Capgemini, entitled GDPR for Financial Services Marketing: How to translate data regulation into customer opportunity, says that the momentum generated by GDPR can be used by financial services firms as an opportunity to build up long-term relationships with their customers based on trust and transparency.

Ron Tolido, global chief technology officer of insights & data global practice at Capgemini said: “GDPR offers companies a unique chance to rework their customer strategy, changing a reactive stance into a proactive one. It means re-engaging in a real-time dialogue with their customers, based on genuine transparency and openness, secure personal data, free choice and personalisation. This is an approach that is best enabled by the appropriate use of technology – using a nuanced, robust data management platform.”

Tomas Salfischberger, CEO of Relay42, said: “My message to CMOs is that they play an important role in the GDPR discussion; it is essential that they join forces with their legal and IT departments. Empowering consumers to take control of their data trails is fully aligned with an organisation’s ambition to offer the ultimate customer experience to consumers. The right data management solution, with a flexible consent management tooling and inbuilt ‘privacy by design’ architecture, is instrumental for attaining a high level of customer intimacy and loyalty.”

 

By Jonathan Davies, editor, Digital Marketing Magazine

 

GDPR Conference Europe will help businesses to prepare to meet the requirements of the GDPR ahead of May 2018 and beyond.

Further information and conference details are available at www.gdprconference.eu

The GDPR Conference Europe has been specifically designed for business generalists rather than data protection or privacy specialists and will provide delegates with a comprehensive picture of the new regulations and a practical understanding of the implications and legal requirements needed for compliance.


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