Meeting the data protection challenge: Customer data security and its impact on banks in Asia

We presently live in the midst of a great and extensive information network of connectivity, made possible by the advent of the World Wide Web. Once regarded as the holy grail of instant exchange and unlimited information availability, this seemingly unstoppable advancement of the information age is now met with a backlash by its very own users. Ownership and protection of private information in a public domain where information is free for all, is increasingly becoming an important point of concern. Calls for improved data protection in the commercial and financial services domain have caused the enactment of data protection acts throughout the world, and Asia is no exception.

Personal data protection acts are presently at various stages of legislation and enforcement in Asia, with important implications on banks and financial institutions, who must

1) Understand how the law impacts their respective customers and;
2) Find competitive methods to comply with regulations at effective costs.

As financial institutions struggle to protect and secure the data that they have, they need to know what they can or cannot do with the data. How can banks comply with data protection regulations in their respective countries? How should grey areas in the law be interpreted, and what should banks do to meet the challenges involved? What are the implications for consumer banking, direct marketing, cross-selling and CRM?

The Asian Banker would like to hear your views on the data protection challenge. Vote, contribute your thoughts, and read opinion articles from our highly distinguished guests, who will share their views and experiences on a teleconsultation session on the 8th of November, 2012.