The impact of the GDPR on the financial sectorMay 25, 2018, the EU General Data Protection Regulation (GDPR ) came into force with the aim of guaranteeing citizens the protection of their data and privacy through a new regulatory standard. . In the financial sector, this new data protection regulation has meant increasing the level of compliance obligations, because they join the obligations already established by the Payment Services Directive. Data control In this sense, banks will have to guarantee their clients greater control over their data and its use, while at the same time they must share financial information.

Data control

Transactions with third parties – allowing them to initiate payment transactions on behalf of the client. But the implementation of this General Data Protection Regulation takes on special relevance when addressing the situation of foreign banks operating in Europe. What is going to happen? Simply, its application also extends to all those foreign banks that process and store the data of community residents regardless of their  Thailand Number Data location. We cannot ignore the particular case of American banks: these banking entities will have, in addition to confirming compliance with the EU General Data Protection Regulation, to demonstrate it documentaryly.

Business agenda, week

Which will increase their operational costs in Europe. The regulations, in any case, plan to generate trust in the processing of financial data (“financial digital trust”), which, together with management based on improving the customer experience, can significantly increase the profitability of the sector. The behavior of financial markets is strongly Turkey Phone Number List  linked to the evolution of the macroeconomic variables of different countries and economic regions, so having detailed knowledge of their evolution is essential for any investor. In order for our clients to remain well informed, at Invexia and Martín Molina we provide them with the macroeconomic agenda each.