{"id":13112,"date":"2019-06-26T06:56:16","date_gmt":"2019-06-26T06:56:16","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=13112"},"modified":"2019-06-26T06:56:16","modified_gmt":"2019-06-26T06:56:16","slug":"balancing-psd2-with-gdpr","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/balancing-psd2-with-gdpr\/","title":{"rendered":"Balancing PSD2 with GDPR"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Europe\u2019s Second Payment Services Directive (PSD2) is reshaping the banking sector. At the same time, the introduction of the General Data Protection Regulation (GDPR) has had a huge impact on how companies must protect data. As financial institutions work to comply with both pieces of legislation, how can they balance innovation with protection? There are 5 key action points for financial institutions to consider:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><b>Be cautious with automation<\/b><span style=\"font-weight: 400;\"> \u2013 GDPR prohibits profiling, meaning that full-blown automation can be risky, especially when it comes to significant decisions such as refusing a loan.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Conduct data protection impact assessments<\/b><span style=\"font-weight: 400;\"> \u2013 assessments should take place prior to the processing of financial data and serve to map the risks of processing data and define mitigating measures.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Design data protection into new products\/services<\/b><span style=\"font-weight: 400;\"> \u2013 appropriate measures should be taken to achieve GDPR compliance and minimize the processing of data before products\/services are launched.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Be prepared to give consumers information about the use of their data<\/b><span style=\"font-weight: 400;\"> \u2013 consumers have the right to know whether their information is being processed and, if so, to receive a copy. When designing products\/services, financial institutions need to take this right into account so they can deliver the appropriate information when requested.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Confirm the erasability of all consumer data<\/b><span style=\"font-weight: 400;\"> \u2013 consumers have the right to ask for all personal data to be erased in a timely manner. When designing products\/services, financial institutions need to take this right into account so they can comply if requested. <\/span><\/li>\n<\/ol>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-13112 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='Uberization turning the banking business model upside down'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/uberization-turning-the-banking-business-model-upside-down\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/08\/turning-banking-business-model-upside-down-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-10556\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-10556'>\n\t\t\t\tUberization turning the banking business model upside down\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='DT Fraud Conference 2019 \u2013 banking and payments'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/dt-fraud-conference-2019-banking-and-payments\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/11\/dt-fraud-conference-2019-banking-and-payments-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-11651\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-11651'>\n\t\t\t\tDT Fraud Conference 2019 \u2013 banking and payments\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Traditional banks increasingly embracing Fintech'>\n\t\t\t<div class='gallery-icon portrait'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/traditional-banks-increasingly-embracing-fintech\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2017\/11\/Traditional-banks-increasingly-embracing-Fintech-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-6794\" loading=\"lazy\" srcset=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2017\/11\/Traditional-banks-increasingly-embracing-Fintech-150x150.jpg 150w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2017\/11\/Traditional-banks-increasingly-embracing-Fintech-100x100.jpg 100w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-6794'>\n\t\t\t\tTraditional banks increasingly embracing Fintech\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Europe\u2019s Second Payment Services Directive (PSD2) is reshaping the banking sector. At the same time, the introduction of the General Data Protection Regulation (GDPR) has had a huge impact on how companies must protect data. As financial institutions work to comply with both pieces of legislation, how can they balance innovation with protection? There are &hellip;<\/p>\n","protected":false},"author":5,"featured_media":13137,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[197,287],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/13112"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=13112"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/13112\/revisions"}],"predecessor-version":[{"id":13113,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/13112\/revisions\/13113"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/13137"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=13112"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=13112"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=13112"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}