When the digital marketing era began, customer data quickly became a gold mine for marketing professionals in the financial services industry. The data they gathered let them reach customers with increasing effectiveness. In time, consumers began to see downsides to sharing their data. Concerns about large data breaches and identify theft increased. At times, “too targeted” advertisements felt overly intrusive. Eventually, consumers considered sharing their data as a risk and became increasingly protective of their personal information.
In recent years, several new and often stringent laws and regulations have appeared around the globe including the General Data Protection Regulation (GDPR), California Consumer Privacy Act (CCPA), the forthcoming California Privacy Right Act, and others. In addition, changes taking place in the private sector where browsers began limiting the use of third-party cookies meant financial services companies needed to rely more heavily on data gathered with customers’ consent.
Read our latest POV on consent management to learn more about:
- How an organization’s compliance and regulatory roles need to change to effectively incorporate new consent management capabilities
- How companies can incentivize customers to share their data in return for clearly understood value
- How consent management will factor into a brand’s customer data management and governance processes