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Privacy hand in hand with customer centricity
Customer centricity in the financial sector
Focusing on the client’s interests is an important condition underlying the client’s trust and the fulfilment of duty of care within the financial sector. It is one of the most important spearheads for supervisory authorities to restore confidence in the financial sector in the long term. To become customer-centric, we must first determine the client’s interests. This requires access to information, such as personal data.
Still a dilemma?
Whether the GDPR can stand in the way of effective implementation of the client’s interests is a recurring discussion. It is often spoken of as a dilemma between customer centricity and guaranteeing data subjects’ privacy rights as described in the GDPR. In our view, the GDPR is not intended to hinder client’s interests or to prioritize it less than in the Dutch Personal Data Protection Act (Wbp in Dutch), but rather to provide more transparency about personal data.
In our view, there is no dilemma between customer centricity and privacy. The dilemma arises when personal data is used for a purpose other than that for which it was requested.
Fulfilling duty of care
Fulfilling the legal duty of care can be a basis for processing personal data, provided that the other legal requirements are met.
Read our white paper ‘Privacy hand in hand with customer centricity’ for a comprehensive explanation of our vision. In this document we also provide a summary of the provisions of the GDPR related to customer centricity.
Do you have questions about what can or cannot be done within the privacy legislation concerning the client’s interests? Please contact us for advice. We are your Partner in Compliance in this area as well.
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