Big Privacy: Harnessing the power of data while complying with privacy regulations

By Cara Chaffey posted 01-16-2020 14:00

  

 Speaking at NEXT 2019, Raiffeisen Landesbank shared how they are partnering with Anonos and Hitachi Vantara, on a project to transform data into insights all while complying with privacy regulations.

For highly regulated industries, balancing data privacy with unlocking new insights that could boost competitive advantage is a major challenge. As more regulations to protect consumers come into play, compliance is a top priority for the bank.

With the rise of artificial intelligence and machine learning, anonymizing or masking data no longer provides sufficient protection. But the concept of the variant twin – or pseudonymizing personal data – could be a game changer. 

 Manual Schwarzinger, Head of IT Digitalization and Information Management at Raiffeisen Landesbank confirms, “When we started the project, we wanted to understand if it would be possible to pseudonymize parts of our transactional and customer data or to share it, for example, with a retailer.”

The first phase of the project involved optimizing data storage, followed by a pseudonymizing program that would ensure customer details remained secure but useable. The bank, which encourages a culture of innovation, created skilled teams from several disciplines and created an innovation lab to support the project.

 We are reinventing our business model,” reveals Schwarzinger. “We want to build stronger relationships with our customers so we can make their lives better – and that takes relevance, personalization and two-way communication.”

Delivering more personalized financial advice with pseudonymization

 “We’re trying to take a very personalized and segmented approach, which could even include psychographic data, such as what kind of person are you? What kind of things do you buy?” explains Schwarzinger.  With the goal to help customers and provide better services.

Eventually the bank wants to take this even further providing recommendations to customers that might help them achieve their goals. For example, it could use machine learning to identify how a customer could cut back on certain expenditures to enable them to save for a mortgage. 

Relationships with retailers and other partners will be key to enabling this end-to-end approach to financial advice. For this strategy to be a success, the bank will need to ensure consumer trust is not compromised.

In a digital age, customers expect banks to look after their money and their data.

Find out more here: https://www.hitachivantara.com/en-us/news-resources/resources.html#vid=6093888881001

 

 

 

 
#CustomerStories
#Blog
1 comment
3 views

Permalink

Comments

05-04-2022 11:23

Great