Taking financial services marketers on the GDPR journey

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Touted as the biggest overhaul in security and privacy regulation since 1995, the General Data Protection Regulation (GDPR) is set to come into effect on May 25, 2018.

Capgemini and Relay42 have jointly published a PoV on “GDPR for Financial Services Marketing” with an aim to create a positive conversation around GDPR.

How the GDPR is reshaping modern marketing?

Organizations across EU are ramping up to meet the new regulations which have catapulted privacy and security to the top of their business priorities.

Importantly, the GDPR has forced a paradigm shift in how privacy and security should be viewed; from being merely IT challenges, these are now considered to be company-wide challenges. With the GDPR in place, companies will need to rethink how they connect with their customers. Placing the customer at the center of the operations now covers not just providing them with personalized and contextualized services but additionally also ensuring the safety and privacy of their data.

Marketers are constantly trying to achieve a competitive edge and unlock new market segments by innovating with digital strategies and offering customers highly personalized offers. This presents marketers with a double-edged sword: on the one hand is the prospect of delivering better customer experiences but on the other hand it introduces concerns about customer data and its security.

Instead of viewing the GDPR as a threat, however, marketers should consider it an opportunity that can help them redefine the marketing landscape. Capgemini, in its joint PoV with Relay42 “GDPR for Financial Services Marketing” demonstrates how GDPR can be used by financial services organizations as a potential means to forge long-term relationships with their customers based on trust and transparency.

Client challenges addressed

Resolution of the core data protection challenges of the “always connected” consumer vis-à-vis the limitations of the new GDPR regulation can be arrived at via three key areas:

o   Data locality (where is the data?)

o   Data security (how safe is the data?), and finally

o   Data access (who can access the data?).

Unleashing the full potential of data and customer information can be successfully accomplished by embedding a Data Management Platform (DMP) which acts as the command center of the marketing integrations, by centralizing the increasingly complex network of integrations, platform experts, and regulations.

How to turn fear into opportunity!

The GDPR propaganda circulating in the marketing sphere is mostly negative and the impending regulation changes are being considered with a sense of apprehension. In this PoV, Capgemini and Relay42 showcase how marketers should step out of their zone of restrictions and view the GDPR as an opportunity to bring about a much-needed revamp in responsible marketing. This will ensure that they can differentiate themselves as a company that is committed to a mutually beneficial customer relations and exchange of value.

Speaking about the opportunities presented by the GDPR and what marketing can do about it, Ron Tolido, CTO, Insights & Data, states: “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 personalization. This is an approach that is best enabled by the appropriate use of technology, using a nuanced, robust data management platform.”

Spreading the word

To help your clients and customers understand the implications of the upcoming General Data Protection Regulations, especially in the marketing domain, please share the GDPR PoV that we have created in collaboration with Relay 42. With our insights and key recommendations, we hope to help our clients discover how they can leverage the changes being brought about by the GDPR by re-establishing a lasting customer relationship, built on trust and openness.

Please feel free to reach out to me @ jeroen.van.zeeland@capgemini.com if you have any questions or would like to discuss the GDPR PoV!