79% of financial marketers consider new data protection regulation as a positive change
In a survey sent to 1,800 members yesterday (22 May 2018), The Financial Services Forum found that most marketers in the financial services sector view the new General Data Protection Regulation (GDPR) in a positive light.
59% of those that voted saw GDPR as a positive development, while 20% thought that a positive impact would be felt over the longer-term. Only 4% considered it to be a negative development. Interestingly 17% of respondents were unclear of the effect GDPR will have, meaning more time is needed to ascertain if it is having a positive or negative impact on the sector.
Over the last 12 months, GDPR has been a hot topic, as senior marketers have integrated the new rules into their businesses.
David Cowan, Managing Director of The Financial Services Forum, said “While GDPR has clearly presented our Members with an operational challenge, they almost categorically see it as an opportunity to build trust and engage with their customers in a more meaningful way. It will take time for that opportunity to be realised though, and there’s still a lot of uncertainty around what it will mean in the short-term.”
Paul Malyon, Data Strategy Manager, Experian, said “GDPR has demanded big change for many organisations. Anything that empowers the customer and improves trust and transparency is a good thing, and businesses that get it right will reap the rewards. If GDPR is used as an agent for change, it can yield benefits such as accurate targeting, a better customer experience, business efficiency, consumer trust, and innovation.”
Fiona Blades, President and Chief Experience Officer at MESH Experience, said “GDPR has made all of us think much more carefully about privacy, which I think is needed and useful for our industry, particularly with some of the unfortunate stories that have come out into the public domain in recent months.”
Not all executives have been impressed in the lead up to GDPR though, with some claiming that businesses across all industries have been too slow to adapt to the realities of the changes, and the deluge of consent emails in recent weeks is testament to that.
Please continue the debate by adding your own comments on the impact of GDPR.