The OneTrust DataGuidance ‘Thought Leaders in Privacy’ interview series is filmed across the world with leading privacy professionals discussing their advice for staying ahead of the curve and how privacy connects on a wider level with businesses and society. The series captures ideas from a range of subjects including; GDPR and CCPA requirements, data security and breach notification, risk & compliance and emerging technologies.
We spoke to Sandy Tsakiridi, Group Senior Legal Counsel at HSBC in January 2020. HSBC is one of the world’s largest banking and financial services operators with over 7,500 offices across 60 countries and employing over 230,000 people worldwide. Sandy discusses recent privacy developments in the financial services industry as well as sharing her views on the impact of emerging technologies on the sector.
Privacy Developments in Financial Services
The introduction of the GDPR was less impactful on companies within the financial services industry as they were already operating in a highly regulated environment, as well as having a history of having to meet data protection obligations, suggests Sandy.
“Overall the industry welcomed the GDPR as a positive driver to enhance efficiencies from data processing and improving customer trust.”
Sandy also explains that following the general elections in the UK in December 2019 there is a clearer picture of the post-Brexit privacy landscape. However, beyond Europe the number of GDPR-influenced legislative developments that are emerging poses an interesting challenge for international companies, not just within financial services, to keep on top of their privacy programs.
Innovation holds a particular importance across many sectors, Sandy explains, and technological developments should be seen as a positive that create exciting opportunities for industries to evolve, particularly in financial services.
“Developing technologies like blockchain, big data, artificial intelligence, The Cloud, digital payments – They can all enable financial service organisations to streamline their processes, manage risk more effectively, provide a better customer service and possibly optimise their costs too.”
Sandy continues to state that FinTech developments have also led to greater customer intelligence, allowing the end user to make better choices. These developments also mark a shift towards greater digitalisation in banking which allows companies to offer new and pioneering products.
Watch the full interview, where Sandy elaborates on the relationship between the GDPR and PSD2 regulations, as well as discussing her opinion on the future of global privacy law.