Protecting customer privacy in the financial sector

With increased digitization of the financial sector come the issues of data protection and customer privacy. Banks collect huge amounts of data on individuals, notably from bank accounts, credit card transactions or mobile banking. On the one hand the use of big data in the financial sector is a wonderful opportunity to better respond to customer needs. The biggest hurdle on the other hand is customer privacy and data protection. How can financial institutions most efficiently deal with customer privacy when making use of digital technologies? How should they deal with the issue of privacy given the current context where rebuilding trust is a key challenge?

These are the main questions addressed in the policy paper ‘Protecting customer privacy in the financial sector’, which consists of two parts.

The first part is a contribution by professor Öykü Isik providing a state-of-the-art of data-driven financial services. The second part is the report of a Vlerick regulatory workshop dedicated to the topic gathering representatives from different horizons within the financial sector including regulatory authorities, banks, insurance companies, financial associations, consulting companies, law firms. The second part of the paper provides a detailed overview of workshop presentations, discussions, and co-creation exercise.

Related news

  1. And BNP went mobile

    Date: 06/02/2017
    Category: Research News
    Interview with Michael Anseeuw, head of retail banking at the Belgian bank BNP Paribas Fortis, on the launch of the mobile bank Hello bank! He talks about the obstacles encountered along the way and the energy it took to maintain momentum.

  2. The performance of large EU banks in the wake of the financial crisis

    Date: 13/07/2016
    Category: Research News
    This policy paper attempts to provide an overview of the performance of 50 large EU banks in the wake of the financial crisis. Several questions are addressed for this purpose: What is bank performance about? What are the top 50 banks that best represent EU banking activity? How did banks’ performance evolve since before the crisis? Who are the best and worst performers in the wake of the crisis? Is there a link between bank size and performance?
All articles