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Reimagining customer privacy for the digital age

by Val Srinivas, Sam Friedman, Tiffany Ramsay
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    2 minute read 20 May 2019

    Reimagining customer privacy for the digital age Going beyond compliance in financial services

    2 minute read 20 May 2019
    • Val Srinivas United States
    • Sam Friedman United States
    • Tiffany Ramsay United States
    • Val Srinivas United States
    • Sam Friedman United States
    • Tiffany Ramsay United States
    • See more See more See less
      • Val Srinivas United States
      • Sam Friedman United States
      • Tiffany Ramsay United States
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    Privacy isn’t just about compliance anymore. Learn how financial institutions can adopt a more expansive framework to strike the right balance between better access to information and ensuring consumer trust.

    Customer privacy is becoming an even more intricate challenge, and many regulators around the world are taking unprecedented interest in privacy and establishing new regulations. There are also a growing number of tools and technologies available to monitor and analyze consumer behavior. What should financial institutions do to reimagine privacy in this rapidly evolving digital age—not just from a compliance standpoint, but as a competitive differentiator, to benefit providers and consumers alike?

    Learn more

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    In our review of large financial institutions’ privacy policies, they often fail to address the complexities of privacy that have emerged, thanks to the latest technological advances. They also don’t account for different types of privacy concerns beyond protection of personal financial data—from location, to thoughts and feelings, to biometric information.

    We examine eight tools and technologies that either already are—or will likely become—ubiquitous to determine how likely they are to encroach on privacy concerns. Would investment management clients be okay, for example, with their advisory firm scanning their social media postings, geolocation information, or Web browsing history to determine their interest in socially responsible investments, based on data collected about their charity work or an appearance at a rally protesting fossil fuels? Would credit card customers mind if their banks checked smart wallet spending patterns to detect if they are often at casinos or the racetrack? Should insurers be using drones to see if workers’ compensation claimants are doing roof repairs on their home? Where should that line be drawn?

    Bottom line: Financial institutions will need a more robust, expansive, pragmatic, and forward-looking framework to successfully navigate this landscape. Greater transparency beyond boilerplate compliance language will be called for if financial institutions want to offer clear value propositions to consumers in return for greater access to an ever-wider variety of data.


    To learn more, download the full article Reimagining customer privacy for the digital age: Going beyond compliance in financial services.


    Acknowledgments

    The authors wish to thank the following Deloitte client service professionals for their contributions to this article:

    Michelle Chodosh, senior manager, Deloitte Services LP

    Patricia Danielecki, senior manager, Deloitte Services LP

    Chris Faile, senior manager, Deloitte Services LP

    Erin Loucks, manager, Deloitte Services LP

    Omer Sohail, principal, Deloitte Consulting LP

    Cover art by: Emily Moreano

    Topics in this article

    Financial Services , Emerging technologies , , Regulatory , Social Media

    The Deloitte Center for Financial Services

    The Deloitte Center for Financial Services, which supports the organization’s US Financial Services practice, provides insight and research to assist senior-level decision-makers within banks, capital markets firms, investment managers, insurance carriers, and real estate organizations. The center is staffed by a group of professionals with a wide array of in-depth industry experiences as well as cutting-edge research and analytical skills. Through our research, roundtables, and other forms of engagement, we seek to be a trusted source for relevant, timely, and reliable insights.

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    • Kenny Smith
    • Principal, US Financial Services leader
    • Deloitte Consulting LLP
    • kesmith@deloitte.com
    • +1 415 783 6148

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    Val Srinivas

    Val Srinivas

    Research Leader, Banking & Capital Markets

    Val Srinivas is the banking and capital markets research leader at the Deloitte Center for Financial Services. He leads the development of our thought leadership initiatives in the industry, coordinating our various research efforts and helping to differentiate Deloitte in the marketplace. He has more than 20 years of experience in research and marketing strategy.

    • vsrinivas@deloitte.com
    • +1 212 436 3384
    Sam Friedman

    Sam Friedman

    Research Leader | Insurance

    Sam is the insurance research leader at the Deloitte Center for Financial Services, putting his journalistic skills and three decades of industry experience to good use analyzing the latest trends and identifying the major challenges confronting the property-casualty and life insurance industries. Sam joined Deloitte in October 2010 after 29 years at National Underwriter P&C, where he served as editor-in-chief.

    • samfriedman@deloitte.com
    • +1 212 436 5521
    Tiffany Ramsay

    Tiffany Ramsay

    Tiffany Ramsay is a senior market insights analyst at the Deloitte Center for Financial Services, where she contributes to research initiatives that differentiate the center as a thought leader in the financial services industry. Ramsay holds a bachelor’s degree in sociology and a master’s degree in public administration from Cornell University.

    • tiramsay@deloitte.com

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