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The Asian Banker One Big Question - Vote Today!

The Asian Banker One Big Question is a quarterly debate held as part of our effort to solve practical problems that bankers across the region are facing. Bankers will be encouraged to share key business issues and a community driven debate is organised to find a solution. Industry/subject matter experts are invited to provide their views on the topic before we open up to the floor for our audience to vote, sharing their view. At the close of the campaign, we will organise a teleconsultation session to discuss our findings and conclude the campaign.

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.

All Comments (1)

The data protection act is important to customers because personal data involves their private life - financial and material info, etc. Financial records in other banks should not be moved. From the hr pov, there’s a need to protect staff info on savings account, fd at the branch.
31st October 2012 10:02 AM
Proceedings Report
Ragunath Kesavan, Advocate and Solicitor, High Court of Malaysia Former president (2009-2011), Malaysian Bar
Dulles Krishnan Director, IBM Commerce Solutions, Growth Markets
Donald MacDonald, head of group customer analytics and decisioning at Singapore's OCBC
Is real-time marketing the right tool?
Vinodh Kishna.N, smarter commerce leader – ASEAN, IBM

For more information, please contact czafaralla@theasianbanker.com.