The Do's & Don'ts of Data: General Data Protection Regulation (GDPR)

The General Data Protection Regulation (commonly abbreviated to GDPR) is a replacement for the European Union Data Protection Directive which has governed the Protection of Personal Data in the European Union (EU) since 1995.

Download white paper

Since the original directive was passed, there have been a series of rapid technological and business advances that have brought new challenges to the use and protection of personal data. As a result, there was a desire to produce an updated set of regulations to reflect the new technological and business landscape.

GDPR will require banks to know who in their supply chain receives personal data, where and how it is processed and who has access to the data. This will be an onerous task and banks will need to partner with their technology providers to provide solutions.

In addition, the Lisbon Treaty created a new legal basis for a modernized and comprehensive approach to data protection, including the free movement of data within the EU.

Furthermore, the GDPR was designed to resolve three issues that have become apparent with the implementation of the original legislation:

There has been an inconsistent approach to the application of data protection across the European Union which has created barriers for business and public authorities due to legal uncertainty and inconsistent enforcement.
Difficulties for individuals to stay in control of their personal data.
Gaps and inconsistencies in the protection of personal data in the field of police and judicial co-operation in criminal matters.

As part of the free movement of data within the EU, the GDPR gives data subjects (typically EU citizens) a series of enhanced rights with respect to their data. The cumulative effect of these rights means that companies need to understand what data they hold and why they hold it. This is important as fines for the most serious data protection breaches will be 4% of worldwide turnover, or €20 million (whichever is higher).

This regulation will require banks to know who in their supply chain receive personal data, where and how it is processed and who has access to the data. This will be an onerous task and banks will need to partner with their technology providers to provide solutions.

Data security will be vital, as any data breach will need to be reported to the regulatory authorities within 72 hours and to inform their customers of any data breach that affects them; resulting in both reputational as well as financial loss.

The key dates for the General Data Protection Regulation are the following:

27th April 2016 – The GDPR is adopted
25th May 2018 – GDPR comes into force

One key point to recognize is that to ensure a consistency of approach across the European Union, the GDPR is a regulation and not a directive. As it is not a directive, it does not need enabling legislation by national governments to come into effect.

Download the white paper today to find out more:

The Do's & Don'ts of Data: General Data Protection Regulation (GDPR)

The General Data Protection Regulation (commonly abbreviated to GDPR) is a replacement for the European Union Data Protection Directive which has governed the Protection of Personal Data in the European Union (EU) since 1995.

Download white paper

Acquiring new account holders is widely known to increase revenue and support the growth of a diversified portfolio. While attracting more account holders is necessary, financial institutions can also benefit from expanding their relationships with the existing pool of one-time account holders, or those who only maintain one or two product relationships.

Like many financial institutions, you may be faced with the struggle of converting your account holders with only one or two relationships, to account holders that hold three products or more at your institution. Your organization may find cross-selling effectively to single-transaction account holders challenging at times, but addressing this problem through an approach like the scientific method can clearly establish the steps needed to define the basic method, guidelines, and system by which we originate, refine, extend and apply knowledge.

download white paper

The Do's & Don'ts of Data: General Data Protection Regulation (GDPR)

The General Data Protection Regulation (commonly abbreviated to GDPR) is a replacement for the European Union Data Protection Directive which has governed the Protection of Personal Data in the European Union (EU) since 1995.

Download white paper

Most European banks are not equipped for this change because of the limitations of their aging legacy systems. Although banks have been investing in digital propositions in the frontend, they have been reluctant to embark on core systems replacement.

At Temenos, we believe that true digital transformation requires developing a coherent front-to-back proposition, built on a future-proof, modern core banking platform rather than on a complex web of legacy applications. Without a modern core, it is not possible to fulfill the emerging needs of the industry and to meet the heavy regulatory burden in an affordable way. The good news is that core banking transformations can now be executed easily and with acceptable levels of risk, because of the sophistication of packaged software now available and the lessons learnt and proven benefits delivered from successful transformations all over the world.

The technology mega-trends in retail banking

Today, a nexus of four disruptive technologies – mobile, cloud, big data and social media – is becoming omnipresent in retail banking. Blockchain, the distributed transaction validation model behind digital currencies, is another technology likely to significantly impact banking, especially payments, in the future.

Download the white paper today to find out more:

The Do's & Don'ts of Data: General Data Protection Regulation (GDPR)

The General Data Protection Regulation (commonly abbreviated to GDPR) is a replacement for the European Union Data Protection Directive which has governed the Protection of Personal Data in the European Union (EU) since 1995.

Download white paper

The “farm to table” movement has grown in popularity in the culinary world as consumers have gained an appreciation for the health and economic benefits of serving fresh, locally-sourced ingredients. There are many parallels between a successful indirect merchant lending channel and the “farm to table” concept. Throughout this article we will investigate methods for cultivating that merchant lending channel.

The Do's & Don'ts of Data: General Data Protection Regulation (GDPR)

The General Data Protection Regulation (commonly abbreviated to GDPR) is a replacement for the European Union Data Protection Directive which has governed the Protection of Personal Data in the European Union (EU) since 1995.

Download white paper

Temenos believes in a connected world. We know that a connected world needs a common language for communication. The ISO 20022 standard defines a set of XML format messages for financial services, which define a common language that will allow connected systems to have an automated dialogue.

We are not alone in this belief, and this standard has support from organizations such as SWIFT, Euroclear, Payments UK and OAGi among others, all of whom have submitted messages for inclusion in the ISO 20022 standard.

While there are benefits to the introduction of a common language of communication; generally, the introduction of ISO 20022 is not being mandated except where there is a genuine business change or market change. A good example of this is the Single European Payments Area (SEPA), which has replaced national payment systems in the Euro area with a common payments message set, based on the ISO 20022 standard.

Download the white paper today to find out more:

The Do's & Don'ts of Data: General Data Protection Regulation (GDPR)

The General Data Protection Regulation (commonly abbreviated to GDPR) is a replacement for the European Union Data Protection Directive which has governed the Protection of Personal Data in the European Union (EU) since 1995.

Download white paper

Celent evaluated banking Omnichannel Customer Acquisition vendors and identified the leaders based on functionality, technology, and service.

The Do's & Don'ts of Data: General Data Protection Regulation (GDPR)

The General Data Protection Regulation (commonly abbreviated to GDPR) is a replacement for the European Union Data Protection Directive which has governed the Protection of Personal Data in the European Union (EU) since 1995.

Download white paper

From what Deloitte observes in the market, 2016 is the year that sees the move from the across EMEA to gain a clear understanding of their current plans and status with blockchain technology hype phase to prototype phase.

They are predicting the development and launch of the first blockchain PoCs within the financial services industry at a company level and banks must respond to this. However, in this scenario, the majority of financial institutions interviewed seem unprepared to tackle the upcoming challenge.

Lack of accountability is the main reason that hinders organizations in embracing innovation, and blockchain is not different from this perspective, as affirmed by 46% of respondents in a recent survey by Deloitte.

Blockchain could represent the next big shift in technology over the next five years but the pace of innovation within financial institutions seems to be slow; for example, very few banks have a blockchain lab. A radical change in culture is required to re-think banks’ business models in order to prosper in the future. So banks must devote adequate focus and manpower if they are to keep up the pace with the market, but, once established, the focus must be on the true benefit rather than just exploratory. So which areas do banks see the most opportunity?

Download the white paper today to find out more:

The Do's & Don'ts of Data: General Data Protection Regulation (GDPR)

The General Data Protection Regulation (commonly abbreviated to GDPR) is a replacement for the European Union Data Protection Directive which has governed the Protection of Personal Data in the European Union (EU) since 1995.

Download white paper

The collection sector has come a long way since the global financial crisis of 2008 caused record levels of “bad” loans, leaving financial institutions struggling with the consequent chaos.

Few financial institutions have been looking at how to use the technology available today to prepare for the future and improve their processes, their service, their risk management and their bottom line. They are failing to use this brief interim to get ahead before they fall behind.

This white paper examines the collections practices and technology of the past, present and future – inviting banks and credit unions to imagine the possibilities as they cultivate a healthy consumer base and prepare for the challenges and triumphs of tomorrow.

download white paper

The Do's & Don'ts of Data: General Data Protection Regulation (GDPR)

The General Data Protection Regulation (commonly abbreviated to GDPR) is a replacement for the European Union Data Protection Directive which has governed the Protection of Personal Data in the European Union (EU) since 1995.

Download white paper

Cloud computing, which in the most basic of terms offers unlimited computing resource as a service on a pay-per-use basis, is proven to directly translate to less upfront, capital expense and reduced IT overheads, offering a cost-effective, simple alternative to accessing enterprise-level IT without the associated costs.

Recognizing the value of cloud computing, Temenos has made a significant investment in its products to ensure they run natively on the Microsoft Windows Azure platform, Microsoft’s cloud computing environment.

This development not only makes Temenos the first technology provider in the world to take a complete banking system to a public cloud environment but puts into practice the real value cloud computing can bring to the financial world.

download White paper

The Do's & Don'ts of Data: General Data Protection Regulation (GDPR)

The General Data Protection Regulation (commonly abbreviated to GDPR) is a replacement for the European Union Data Protection Directive which has governed the Protection of Personal Data in the European Union (EU) since 1995.

Download white paper

Our very relationship with banks will be transformed, as will the way they operate. Branches will disappear as we no longer require face-to-face service. Wearables and biometric devices, cars, homes, offices and even the built environment will initiate transactions directly with banks in real-time, while banks’ role as custodians of our money will grow to include management services to help with budgeting and even health.

The extent of change is limited only by our imagination. Already there are game-changing applications and services being trialed and implemented. It is time for financial services to be provided by the “Bank of Things”.

Introduction

Dawn of the “Bank of Things”

Over the past 10 years, I’ve seen analysts forecasts of the number of devices connected to the internet grow from 2 billion to 50 billion. The reality is we simply don’t know – and the ever-spiraling statistic is a sign of just how big the potential for this new technology is.

It seems it will soon be possible to connect anything and everything.

We already have a mattress cover that monitors your health; socks that tell you how many times they’ve been worn and washed; 3D printed clothes that adjust to temperature; and milk bottle tops that tell you if the contents have gone off. Meanwhile, toothbrushes, light bulbs, door handles and even pens can all be connected and deliver new services as a result.

New types of information

A new era of connectivity has begun and with it comes a whole different level of Big Data, as devices emit a constant flow of information. In addition, just as the number and variety of things connected to the internet continues to grow, so does the range of information coming from them. Sensors can provide data on location (GPS), movement (accelerometer), temperature, pressure and light, for example. And it quickly becomes apparent that the possibilities for this continuous stream of information are limitless.

Interconnected “things”

Nor does it stop there, because these connected “things” can also communicate with each other. Imagine a washing machine that warns you that you’ve left your phone in the pocket of the jeans you’ve just placed inside it to wash. Or curtains that open when the alarm on your phone wakes you up in the morning (possibly a little later than usual because it has checked your diary for the day ahead and detected that you haven’t slept well).

Again, the possibilities of what could result from devices that are able to talk to each other are endless. Children are today learning the basics of wiring up sensors and finding ways to employ the resulting data using kits such as Wunderbar, SAM and Kano to build their own gadgets.

These are the skill sets of the future – electronics (circuits), APIs/scripting and analytics.

Download the white paper today to find out more:

The future of banking starts here

Discover how our platform helps financial institutions navigate change, embrace new opportunities, and deliver smarter, faster banking. Together, we embrace the future of finance – Leading Banking Forward.

Contact the team

We're here to help.

Attend an event

Join us live and be part of the conversation.

Explore resources

Expert insights, guides, and news.

Newsletter sign-up

Subscribe for Temenos news, updates, events.