GDPR compliance should not be seen as an obstacle but rather as an opportunity.
The GDPR (General Data Protection Regulation) refers to a set of laws governing the storage and usage of customer data by businesses that operate within Europe. It requires a lot of transparency from businesses to their customers regarding the collection, usage and storage of their personal data. Additionally, it requires data that is no longer in use to be disposed of safely and any data breach should be reported to the relevant authorities within 72 hours. While the additional regulations have proven challenging for businesses to comply with, Fintech (Financial Technology) companies are proving to be better positioned for GDPR compliance than the more established financial institutions like banks. This article will highlight the competitive advantages FinTech companies get from the GDPR laws.
The GDPR Results in a More Privacy-Conscious Customer Base
The GDPR regulations can be seen as a reactive set of laws. Prior to their promulgation, there had been numerous high-profile data breaches on a global scale, resulting in customer data falling into the wrong hands. Some
businesses were also unethical in terms of how they exploit customer data in their marketing efforts. Today’s consumer is a tech-savvy consumer, one who is aware of the dangers that data breaches expose them to.
A more vigilant customer base is more likely to trust brands that are perceived as being tech-savvy. This is where FinTech companies have an advantage over their more established traditional financial institutions. A consumer is sure that a FinTech company will be more vigilant with their data handling processes as their entire business model is reliant on using technology.
It Is Less Costly for Fintech Companies to Be GDPR Compliant
GDPR compliance is a very costly and time-consuming process. An organization is forced to restructure its entire data collection, handling, and storage infrastructure. New data destruction policies have to be put in place to ensure that customer data is safely disposed of. Large established financial institutions, like multinational banks, might require months (or even years) to become compliant. For starters, most of them store their data in numerous locations governed by different jurisdictions - all of which might have different data handling laws.
This is not a problem that faces FinTech companies. With most of their business being conducted online, they already need to have their data storage streamlined to better serve their customers. Moreover, data destruction is not a big issue as most of these online servers have tools in place to ensure GDPR compliance. When it comes to the destruction of physical drives, there are many affordable options such as degaussing (using magnets) and the physical destruction of drives. For FinTech companies, compliance is a cheaper and faster process, which is a competitive advantage.
Fintech Companies Are More Agile in Implementing New Policies
GDPR compliance involves more than just replacing the technological infrastructure a business relies on for handling and storing data. It requires a business to effectively overhaul its entire data management policy. This involves retraining all employees who come into contact with customer data and ensuring that they are aware of their new duties and responsibilities in the GDPR era. This is a lengthy and time-consuming process, and there might be some employees who face difficulties with transitioning to the new rules.
FinTech companies will find it easier to adapt to a new data handling policy. For starters, FinTech companies are used to change, as companies must constantly change how they work with the development of new technologies. FinTech companies also tend to be smaller, in terms of staffing, than their more entrenched ‘traditional’ financial institutions. This makes it easier for new policies to be implemented and adopted on a companywide basis.
GDPR Compliance Has a Positive Impact on a Brand’s Reputation
In a competitive sector like the financial industry, a brand’s reputation could be the determining factor between success and failure. This has been the problem facing new entrants in the market for decades, as they had to compete with entrenched financial institutions that have better brand awareness. The GDPR laws are finally making it easier for new brands, especially FinTech companies, to compete on an equal footing with their more established competitors.
GDPR compliance is a badge of competence that signals your brand’s commitment to privacy in your target market. This immediately makes new clients more comfortable when working with a brand that might not have much in terms of brand awareness in the markets that it operates in.
GDPR Compliance Is Environmentally Conscious
GDPR compliance is all about protecting the environment, specifically, when it comes to data destruction. There are many modern data destruction methods that allow a company to reuse its drives, either internally or by selling them to third parties. Reusing old drives is environmentally conscious as it reduces demand for new drives that are resource-intensive to manufacture. With the global customer base being environmentally conscious, GDPR compliance lets them know that your brand shares its values.
Milica Vojnic is Head of Digital Marketing at Wisetek.
The GDPR (General Data Protection Regulation) refers to a set of laws governing the storage and usage of customer data by businesses that operate within Europe. It requires a lot of transparency from businesses to their customers regarding the collection, usage and storage of their personal data. Additionally, it requires data that is no longer in use to be disposed of safely and any data breach should be reported to the relevant authorities within 72 hours. While the additional regulations have proven challenging for businesses to comply with, Fintech (Financial Technology) companies are proving to be better positioned for GDPR compliance than the more established financial institutions like banks. This article will highlight the competitive advantages FinTech companies get from the GDPR laws.
The GDPR Results in a More Privacy-Conscious Customer Base
The GDPR regulations can be seen as a reactive set of laws. Prior to their promulgation, there had been numerous high-profile data breaches on a global scale, resulting in customer data falling into the wrong hands. Some
businesses were also unethical in terms of how they exploit customer data in their marketing efforts. Today’s consumer is a tech-savvy consumer, one who is aware of the dangers that data breaches expose them to.
A more vigilant customer base is more likely to trust brands that are perceived as being tech-savvy. This is where FinTech companies have an advantage over their more established traditional financial institutions. A consumer is sure that a FinTech company will be more vigilant with their data handling processes as their entire business model is reliant on using technology.
It Is Less Costly for Fintech Companies to Be GDPR Compliant
GDPR compliance is a very costly and time-consuming process. An organization is forced to restructure its entire data collection, handling, and storage infrastructure. New data destruction policies have to be put in place to ensure that customer data is safely disposed of. Large established financial institutions, like multinational banks, might require months (or even years) to become compliant. For starters, most of them store their data in numerous locations governed by different jurisdictions - all of which might have different data handling laws.
This is not a problem that faces FinTech companies. With most of their business being conducted online, they already need to have their data storage streamlined to better serve their customers. Moreover, data destruction is not a big issue as most of these online servers have tools in place to ensure GDPR compliance. When it comes to the destruction of physical drives, there are many affordable options such as degaussing (using magnets) and the physical destruction of drives. For FinTech companies, compliance is a cheaper and faster process, which is a competitive advantage.
Fintech Companies Are More Agile in Implementing New Policies
GDPR compliance involves more than just replacing the technological infrastructure a business relies on for handling and storing data. It requires a business to effectively overhaul its entire data management policy. This involves retraining all employees who come into contact with customer data and ensuring that they are aware of their new duties and responsibilities in the GDPR era. This is a lengthy and time-consuming process, and there might be some employees who face difficulties with transitioning to the new rules.
FinTech companies will find it easier to adapt to a new data handling policy. For starters, FinTech companies are used to change, as companies must constantly change how they work with the development of new technologies. FinTech companies also tend to be smaller, in terms of staffing, than their more entrenched ‘traditional’ financial institutions. This makes it easier for new policies to be implemented and adopted on a companywide basis.
GDPR Compliance Has a Positive Impact on a Brand’s Reputation
In a competitive sector like the financial industry, a brand’s reputation could be the determining factor between success and failure. This has been the problem facing new entrants in the market for decades, as they had to compete with entrenched financial institutions that have better brand awareness. The GDPR laws are finally making it easier for new brands, especially FinTech companies, to compete on an equal footing with their more established competitors.
GDPR compliance is a badge of competence that signals your brand’s commitment to privacy in your target market. This immediately makes new clients more comfortable when working with a brand that might not have much in terms of brand awareness in the markets that it operates in.
GDPR Compliance Is Environmentally Conscious
GDPR compliance is all about protecting the environment, specifically, when it comes to data destruction. There are many modern data destruction methods that allow a company to reuse its drives, either internally or by selling them to third parties. Reusing old drives is environmentally conscious as it reduces demand for new drives that are resource-intensive to manufacture. With the global customer base being environmentally conscious, GDPR compliance lets them know that your brand shares its values.
Milica Vojnic is Head of Digital Marketing at Wisetek.
Adyen and Cover Genius Enhance Payment Security in Insurtech Collaboration
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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