The world of banking is undergoing a major digital transformation through FinTech solutions, but is not the only field opening the door to technology innovations to catch up with the digital era. The insurance system is investing in tech solutions more and more to meet the demand of the new digital customers. InsurTech funding, in fact, increased by 27% only in the last year, with an estimated grow in profits up to 235 billions in 2021 (report by Juniper).
Join us for the workshop on the European Data Protection Regulation which will be held on 29 March 2017 at the Cyber Security District in Cosenza, Via August Von Platen 9.
Our Giangiacomo Olivi and Saverio Cavalcanti will be discussing the new provisions of the EU General Data Protection Regulation (GDPR) and practical implications for data controllers and data processors.
In the previous post we discussed how sound personal data governance will help retailers to seize the opportunities provided by digital transformation.
Retailers are aiming to grow globally, in part to offset the limited growth available in mature markets. Within such a wider perspective, governance should also address reputational risks with a holistic approach. Data governance should be linked to policies and procedures affecting specific business lines (including fraud, anti-money laundering sanctions, financial integrity and ethical sourcing), with adequate cross-business training programs.
Automated technologies have been implemented in multiple industries, from education to healthcare, and the banking system is riding the wave of technology opportunities too. Robotics helps identify and manage financial risks and evaluate credit limits, while Big Data Finance techniques extract the relevant elements of a dataset, reducing the amount of data to deal with. The FinTech world in general is providing structural and organizational changes in the way in which the financial system works.
The Italian Data Protection Authority (Garante per la protezione dei dati personali, “Garante”) has this month imposed fines of more than €11 million on five companies operating in the money transfers sector for unlawful processing of personal data. This is the largest fine ever imposed by a European Data Protection Authority.
Sigue Global Service Limited, a UK web-based money transfer firm, and four companies operating as its agents in Italy, were found to have transferred large amounts of money to Chinese entrepreneurs in breach of Italian money laundering regulations and the provisions of the Legislative Decree 30 June 2003 no. 196 (Codice per la protezione dei dati personali, Italian Privacy Code).
Electronic payment is facing a tremendous growth in today’s world. We are already accustomed not to pay with notes and coins for a significant number of daily purchases, such as lines tickets, movies, and grocery shopping. Mobile payments, in particular, are evolving more and more across the globe thanks to the continuous expansion of apps payment systems agreements between tech companies and financial institutions.
Data and tech governance for the connected retail sector 1: Keep compliant to thrive in an era of digital transformation
The retail sector is embracing digital transformation, with the connected retail market expected to reach more than USD 50 billion by 2022, according to Grand View Research).
An increasing amount of personal data is used for customer intelligence, as well as production and supply chain optimization. IoT (Internet of Things) is driving such growth, as smaller and more efficient retail spaces become “fulfillment centers”, with a wide usage of sensors that create unique customer experiences.
In Italy the discipline of outlets is not governed by a State law, but by multiple regional laws. There have been few attempts to regulate outlets in a unitary manner, particularly by Federazione Moda Italia (http://www.federazionemodaitalia.com), but so far such attempts did not lead to conclusive results.