GlobalData Plc

Data Privacy in Banking Sector Witnesses Emergence of Dominant Players Including Cornami, Decentriq, Statice, and Immuta Among Others – GlobalData Plc

 

London, UK -- (SBWIRE) -- 10/07/2022 -- Data privacy has emerged as a crucial component with the continuous transformation and evolution of technology in the banking sector. With digitalization and the increasing deployment of online banking post-pandemic, the need for ensuring the safety of confidential consumer data has been on the rise.

View Report Outlook at: https://www.globaldata.com/store/report/data-privacy-in-banking-theme-analysis/

Engaging in a personalized way will increase the chance of conversion (or consent). Incumbent providers need segmentation models for privacy that recognize that data permissions and consent are a constant trade-off between what customers want to reveal and what they want to get back. Doing so will require forward-thinking IT teams to balance the value of collecting, storing, and processing large volumes of data against the pressing requirements for privacy, security, and compliance.

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Data Privacy Market Value Chain in Banking Sector

GlobalData's data privacy value chains can be divided into four segments:

Data generation
- Human digital activity
- M2M exchange
- System generators

Data management
- Data governance
- Business Intelligence
- Data analysis
- Data storage
- Data processing
- Data aggregation
- Data integration

Data product development
- Digital marketing
- Machine performance
- Search engines
- Data mining

Data consumption
- Chief marketing officers
- Chief operating officers
- Data scientists
- Search engines

Download the Sample PDF for detailed insights on each value chain segment at: https://www.globaldata.com/store/talk-to-us/?report=3079831

Data Privacy Market Trends in Banking Sector

Technology Trends
- Continued tensions between new technologies and privacy
- Growth in emerging privacy-enhancing technologies
- Data mapping
- Data democratization
- Automation to put data transfer on compliance guardrails
- Ongoing legacy technology challenges amid data privacy/sharing mandates
- Increased third-party risk management
- IoT in banking
- Biometrics generate new data types and risks
- Cloud migration
- Voice banking
- Tokenization
- Edge computing

Macroeconomic trends
- Pandemic increased the focus on privacy
- Ultra-low interest rates drive data-driven revenue generation
- Rise of super-apps in banking
- Privacy is expensive to get right but more expensive to get wrong
- Ad-driven business models

Regulatory trends
- Increased volume of privacy regulation
- Increased frequency and severity of data privacy incidents
- Data privacy policies drive consumer behavior change
- New entrants seek voluntarily standards
- Know Your Data (KYD) role of chief data officer
- Focus on legal basis for data use
- Consent management
- Compliance language
- Predatory lending in unbanked markets
- Regulatory limits to "platformification"
- Fragmented regulations create uncertainty
- Privacy is more than compliance
- New entrants seek ISO 27001 designations
- Cookies
- Data storage

Learn more about each trend in detail at: https://www.globaldata.com/store/talk-to-us/?report=3079831

Key Data Privacy Market Players in Banking Sector

In this section, GlobalData highlights some of the leading providers in financial services impacted by the data privacy theme.

Big tech companies
- Alibaba
- Apple
- ByteDance
- Meta
- Tencent

Retail banks
- Banco Bradesco
- BBVA
- Citibank
- Erste Group
- Rabobank
- Societe Generale
- WeBank

Technology Vendors
- Cornami
- Decentriq
- Immuta
- Inpher
- Secretarium
- Statice

Get Extensive Product Offerings from Each Vendor at: https://www.globaldata.com/store/talk-to-us/?report=3079831

Related Reports:

https://www.globaldata.com/store/report/data-privacy-thematic-research/

About GlobalData
GlobalData is a leading provider of data, analytics, and insights on the world's largest industries. As a leading information services company, thousands of clients rely on GlobalData for trusted, timely, and actionable intelligence. Our mission is to help our clientele ranging from professionals within corporations, financial institutions, professional services, and government agencies to decode the future and profit from faster, more informed decisions. Continuously enriching 50+ terabytes of unique data and leveraging the collective expertise of over 2,000 in-house industry analysts, data scientists, and journalists, as well as a global community of industry professionals, we aim to provide decision-makers with timely, actionable insights.

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