Data privacy governs how organizations collect, share, store, and delete personal data. In another word, data privacy safeguards user's rights to private preferences. There are laws established to ensure compliance with data privacy - General Data Protection Regulation (GDPR) and Calfornia Consumer Privacy Act (CCPA).
Data Privacy in Banking
Today, data is fundamental to the success of almost every sector, including banking. It is needed for innovation and advancement. However, it is also keen to note that misuse, can lead to devastating losses and destabilization of systems.
Banks now have a lot of sensitive data on their customers. After the 2008 global financial crisis, regulators focused on improving transparency in financial institutions. To ensure compliance with data privacy, banks need to have a proper understanding of the data they need from the customer, especially personal data.
Benefits of automated data quality tools:
Banks are known to have an extensive collection of their customer’s personal data. We cannot mention data privacy without having to talk about data quality. Data qualities refer to the state of being accurate, complete, consistent as well as reliable, and up to date for use in planning and influencing decision making. Here are the benefits of automated data quality tools:
This is all made possible through an automated data quality tool. Data requirements especially for banks and other financial institutions keep on evolving and becoming more stringent.