BankerCollege

After GDPR, more and more customers began demanding transparency from the businesses they aligned themselves with. The market leaders recognized this heralded the beginning of a new age of doing business and it would be their competitive advantage get ahead of the game.

Now California will be the first of the US states to enact their own version of GDPR called CCPA, which goes into effect in January 2020. CCPA, like GDPR, will require businesses to notify consumers about the type of data they collect, both in privacy policies and in response to specific requests, and give them a clear way to opt out if they no longer want their data used or sold.

Think this doesn’t apply to you because you don’t live or work in CA? The current list of states in discussion about launching similar privacy laws includes: HI, MD, MA, NM RI, IL, NJ, NY, OR, VA, and WA with more emerging all the time.

Understanding exactly how these new laws affect you to make sure you are compliant is just good business. Your bank may need to reconfigure existing systems and processes—and the last thing you want to do is be scrambling to get it done at the last minute around the holidays. Starting now gives you a chance to set the standard by showing your customers how much your value your relationship with them beyond the data they provide you. Starting now shows you consider your bank a market leader who wouldn’t dare be caught playing catch up.

Sign up this data privacy webinar which covers everything you need to know about CCPA and how to make privacy your bank’s competitive advantage.