Trust in the Personal Data Economy. Nina Chung Mathiesen Digital Consulting

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1 Trust in the Personal Data Economy Nina Chung Mathiesen Digital Consulting

2 Why does trust matter? 97% of Europeans would be happy for their personal data to be used to inform, make recommendations or add value to their financial services 64% of Europeans would be more willing to let companies use personal data if they had the ability to prevent harmful uses of data Data from Fujitsu and Boston Consulting Group

3 WHAT IS TRUST?

4 Trust across sectors I trust to keep my information safe from hackers and other attacks My bank The government IT-companies 10 % 11 % 14 % 15 % 75 % 30 % 59 % 33 % 53 % Yes No Don t know DATA FROM EVRY (OCTOBER 2016)

5 Trust across sectors I trust to not share or sell my information to others My bank The government IT-companies 20 % 8 % 14 % 8 % 19 % 41 % 72 % 78 % 40 % Yes No Don t know DATA FROM EVRY (OCTOBER 2016)

6 Trust across sectors I trust to give me advice in my best interest My bank The government IT-companies 20 % 21 % 23 % 26 % 42 % 44 % 38 % 35 % 51 % Yes No Don t know DATA FROM EVRY (OCTOBER 2016)

7 Nordic mindset MORE WILLING TO TRADE DATA FOR SERVICES GREATER TRUST LOWER NEED FOR CONTROL

8 Declining customer satisfaction with banks Closure of local branches - impersonal banks Diminishing loyalty High demand for personalised financial services make life simpler budgeting and saving tools help making major purchases Unsure how to use personal data

9 General Data Protection Regulation (Personvernforordningen) Replaces Data Protection Directive (95/46/EC) on May Individual has right to: access data erase data data portability: transport data between companies

10 General Data Protection Regulation (Personvernforordningen) Data collection and processing driven by consent. Consent required for each new use of data (purpose limitation) Consent can be withdrawn at any time Greater security requirements and fines for noncompliance

11 REGULATORY TSUNAMI OR WAVE OF OPPORTUNITY? Greater trust and control Free exchange of data Increased technological capabilities

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13 Motivations among stakeholders Banks Companies People Government / Regulatory Authorities Meet customer demand for tailored services Mitigate dwindling loyalty GDPR compliance Leverage trust and other advantages GDPR compliance Obtain quality customer data Improve analytics and CRM «VRM» Lower marketing costs Demand personalised services Willing to pay in personal data Maintaining right of individual Grow the economy Oversee GDPR compliance

14 What would be required for you to trust a service to store and manage your personal data? Transparency between you and serviceprovider Run by non-profit Regulated by government Operates through traditional bank Managed by well-established brand Laws preventing reselling of data without consent Would not trust under any circumstances DATA FROM EVRY (OCTOBER 2016)

15 Would you use the service if your preferred requirements were in place? Unsure 43 % Yes 44 % No 13 % DATA FROM EVRY (OCTOBER 2016)

16 Summary 16 GDPR is an opportunity and not only a compliance topic Nordic trust mentality banks are the most trusted brand Banks hold valuable financial data bigtechs currently don t PSD2 and GDPR!

17 EVRY s fem stegs tilnærming Med vår fem-stegs prosess tilbyr vi en strukturert tilnærming for å bli klar for forordningen... Awareness Assessment Target Setting System Change New Business Opportunities Bevisstheten rundt personvernforordning er starter med ledelsen Hva er personvernforordningen? EVRY vil kunne hjelp deg med å forstå konsekvensen. En innledende analyse vil hjelpe deg å avdekke hvorvidt din nåværende måte å jobbe på er i tråd med nye og gamle krav. Gjennom kombinasjonen av vår detaljerte digitale kunnskap og kunnskap om forordningen vil vi hjelpe deg å sette opp veikartet for å oppfylle nye krav. Bli kompatibel med ny forordning. Forordningen er en nødvendighet og en mulighet. Vi hjelper deg med å finne nye digitale muligheter for din organisasjon.

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