The right to be forgotten reflects the claim of an individual to have certain data deleted so that third persons can no longer maintain personal details on them. Since 2006, this has mainly been restricted to removing information on search engines and social networks. Due to European Union regulations this has made its way into financial and banking industries and will inevitably make its way into other industries once the regulations have matured. Simply put, industries will need to be able to surface and potentially remove every single touch point or identifier of an individual or risk receiving very large data infringement fines.
The draft regulations could result in fines of as much as 5 per cent of global turnover for those who breach the new rules.
While these industries are currently still allowed to collect person data from internal and online sources, this could prove a momentous task to maintain a unified gathering point of what information they have on a person and where this information is stored if systems are not properly put in place to solve this. To make things more complex and difficult, the laws stipulate that “any” personal identifier could bring the risk of huge fines. To give you some practical examples of how difficult this is:
- Email communications with banks via banking staff where personal identification numbers will need to first be identified, then attached to a person. Even if the person communicating with the staff and the identification are referring to different people.
- Any changes in personal details will need to be connected and unified as to be able to surface all historical personal information as well.
Let’s think about a hypothetical banking customer named Mary Smith. Mary decides to change banks. Over the years at her current bank, she contacted the bank over email, through their online banking portal and also filed documentation for a loan in person in the bank itself. Over these many years, Mary had changed Phone Numbers, email address, postal address and changed her name because she married. This all seems like a quite reasonable and realistic situation. Not only will the bank need to be able to easily find all of these touch points and personal identifiers, but they will need an easy way for all of this information to be in one single place as to be able to cater for the sheer scale of manual work that would be involved in manually and tediously piecing this together from all of a banks different systems.
At CluedIn we are proving to be the key for these industries to be able to comply with these EU regulations. With CluedIn’s ability to connect to any datasource and then unify related data automatically, this will allow these industries to not only comply with these regulations but also to benefit from having unified views of their customers.
If you are in the banking or finance industry and would like to talk about what possibilities your business has to support these industry regulations, you can talk with a CluedIn representative here.