Objectives of the session
One year after the Analytica data scandal and the enforcement of the GDPR in the EU and similar legislations in other geographies (e.g. in June California passed a similar bill which will enter into effect in January 2020), this session is meant to assess the challenges faced by financial institutions, which result from rising data-related competition, as well as the anticipated evolutions and adaptation issues related to recently adopted regulations, notably in terms of business models, the evolution of financial services, culture and governance.
Points of discussion
What are the challenges brought about by new regulations on data privacy and more importantly by the rising expectation of customers and citizens in this respect, that should be considered notably by financial intermediaries? What are the observed or anticipated impacts on the relationship between financial institutions and their customers? What are the possible evolutions of the value proposition of financial institutions in this context? How is the playing field evolving notably between incumbents and BigTechs?
What are the main regulatory challenges required to guarantee effective and fair data privacy globally and across sectors? What are the positives and negatives of the provision of legal definitions for data privacy? What issues do such (regional) regulations raise?
Which operational challenges must be faced in order to deliver “privacy by design”? What are the remaining shortfalls to address in order to achieve an adequate level of privacy without any detrimental impact on innovation? Is the portability of data really demanded by customers? What is the expected role of Corporate Social Responsibility (CSR) teams beyond data privacy regulations?