Regulatory bodies are often lambasted for their failure to keep pace with the rapid rate of technology change. The way that businesses are regulated to share, use and store customers’ personal data is an area that has long been under scrutiny.
The existing regulation of personal data management dates back to 1995, a time before the majority of financial services providers had digital relationships with their personal and business customers. Indeed, only one in ten adults used the internet.
Today, mobile and internet banking is being used for transactions worth nearly £1 billion a day in the UK alone, according to the BBA and EY. This step change in how personal data is used in the banking industry demonstrates the industry-wide drivers behind a new approach to data protection.
