The DataProtectionMS Platform for Banking

The GDPR and Banking Institutions in Europe

The European banking landscape has been undergoing constant change in the last several years. The Brexit and the associated elimination of the passporting for UK banks is just one of the many changes. With the obligation to increase the core capital and the new regulations from IFRS 9, Basel 4 and MiFID2, banks see themselves in a constant process of compliance-driven change. In addition, the European General Data Protection Regulation (GDPR) must be implemented by May 2018. This will inevitably lead to adjustments in banks. Over 65% of bank managers estimate that their institute has to change its data protection rules based on the new EU law.

In combination with the implementation of new information obligations, opportunities arise for advancing the digital roadmap in the organization. Knowing what data is stored can provide a new 360 degree view of the customer whilst minimizing redundant data storage. In the course of a customer's access request the Raptor One platform will strengthen customer confidence and, in the long term, achieve customer loyalty. In the competitive European market with its small domestic markets, institutions can thus create competitive advantages through loyalty by professionally integrating the data subject rights under the GDPR.

How can a bank accept the data subject access request?

As a bank, your goal is to receive the request as standardized and automated as possible. The DataProtectionMS platform generates the necessary entry forms for you, which can be easily integrated into any existing banking landscape or other web-based portals.
The frontend then receives the request from employees, customers, suppliers and other stakeholders. Depending on the requirements or organizational needs, a form can be used for all groups or forms can be adapted to specific groups (for example, employees).

How does a bank make sure that it is GDPR compliant?

The DataProtectionMS dashboard gives you a quick overview of the pending requests, their processing time, and the status of your compliance. Thus, the management, the data protection officer and the compliance officers are always able to provide information about the conformity of your institution with Article 15 of the GDPR. By means of an export function the data protection authorities are given fast and transparent information on audits and long-lasting coordination processes such as on-site checks are avoided.

With 100rds of data sources - how can the data be collected and processed?

Upon receiving a request, the DataProtectionMS Platform will begin collecting and collating the relevant information within your organization. Since the data sources usually contain many different formats, these are prepared in a report (e.g. as Adobe PDF) and can also be provided as a data package. Customized workflows are used to make adjustments to the identification process, data sources, manual or automatic sharing, and editing in order to adapt the information provided under Article 15 to your institution. Our team of experts will gladly assist you in this configuration process.

Customer interaction as an opportunity to build trust and loyalty

In the last step, the platform communicates with the requestor to provide the information. This information is protected by password, 2-factor authentication or the company's own login, depending on the method chosen. Each action is logged to provide proof of process and download. As a whitelabel solution, interaction with your customer can be carried out in your design and corporate identity, signaling the professionalism of your privacy framework.

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