Monthly Archives: August 2017

A lot has been written about the GDPR that will apply from 25 May 2018 onwards. There is a multitude of good sources to make sense of the GDPR, and how this new data protection regulation will change the way organizations collect and process personal data within their organization. During my own study of the GDPR and its operational impacts, I have come across a lot of very useful articles, blog posts, and webinars dealing with the various aspect of the regulation. Most of these resources are free-of-charge and some of them will require you to submit some personal details in order to gain the access. Some of the more extensive one stop GDPR asset libraries are partly open for anyone to explore. 1)See for example IAPP’s library and 2twenty4 Consulting’s GDPRwiki. Here I’ve collected some of the helpful stuff I’ve found during my exploration, feel free to check these…

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As I explained at length in my earlier article on the GDPR, businesses, organizations, institutions and other entities throughout the world are facing a huge challenge to become compliant with the new reformed European data protection legislation. The GDPR comes into effect throughout the world on 25 May 2018, and its profound implications are not limited to the geographical area of the EU alone. What needs to be acknowledged is that the EU data protection rules will affect almost everyone as the GDPR takes data security and privacy to an entirely new level. Most important things to know are displayed in Figure 1. As I highlighted in my earlier post on the topic, GDPR is not just a compliance IT project with some new organizational and technological aspects. The GDPR, as was emphasized by many experts on the subject, extends well beyond the geographical boundaries of the EU and its jurisdiction…

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Allowing access to rich data sets through APIs will create a whole generation of financial service solutions. What will become very interesting is seeing how other industries as well as emerging Fintechs and start-ups might begin to use this data to augment services, or create new ones. – Kent MacKenzie, Director (Deloitte, 1.6.2017) It was confirmed on 15 August 2017 that German-based open banking and savingstech start-up Deposit Solutions (established in 2011), backed by Peter Thiel and various other well-known venture capitalists, has acquired its German-based rival Savedo. Deal terms were not disclosed. 1)Lepak, S. (2016). “Why terms of acquisitions are not disclosed?”. CoFoundersLab Discussions, 20.9.2016. As noted in the official press release by Deposit Solutions, With the acquisition of SAVEDO, Deposit Solutions is further expanding its B2C capabilities, adding more than 18,000 registered clients, 13 partner banks and two new regions – Austria and the Netherlands – to its existing…

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The GDPR Doomsday ClockCountdown That’s a pretty neat clock, isn’t it? Scary? You bet! The GDPR clock has been ticking for a long time now and time will run out soon. Over the past two years, a lot has been written and said about the reform of EU data protection rules, namely the General Data Protection Regulation (GDPR) (Regulation (EU) 2016/679). The EU GDPR, coming into full force on May 25, 2018, is designed to radically harmonize data privacy laws across Europe, enhance data protection of all EU residents and provide more systematized and consolidated data privacy framework to guide how personal data is used by businesses, organizations and governments across the Europe and around the globe for that matter. 1)As stated in the the official gazette of the EU in regards to the applicability GDPR, “The principles of, and rules on the protection of natural persons with regard to the processing of their personal data…

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There is no lack of differing opinions on the future of wealth management as everyone wants to be heard. We know for sure that the future of wealth management industry is most definitely shaped by the influx of new technologies, significant global regulatory turbulence, and various changes in the customer behavior. So what else is new? We have recently witnessed how new players have entered – with great success – to areas of the financial services industry that were considered off-bounds for innovative new entrants, and even the mainstream C-suite is constantly talking about going all digital. 1)Financial Times (2016). Barclays UK sees digital technology as crucial to its future. [Accessed 3 Aug 2017] It’s no wonder that the wealth management industry is very keen to understand how the complex equation of growth versus profitability is supposed to work in the era of growing revenue and expense pressures combined with…

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