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Data is the New Gold: Striking a Balance between the Creation of Data-led Products with Data Privacy Frameworks

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17 April 2024
Ashley Longabaugh

The evolution of data continues to evolve rapidly, with emerging technologies shaping the future of data management, storage, and analysis. This is against the backdrop of data management and data privacy becoming more complicated through the exposure of new data sources and introduction of regulations. Personal data is everywhere and is considered the "new gold" because of its immense value and potential for generating insights and driving innovation; while the "client experience" is a key differentiator in the industry today, and is driven by data and analytics, wealth managers must strike a balance between the creation of data-led products and services with data privacy frameworks.

Open data ecosystems and cross-industry partnerships generate significant data sharing, privacy, and enterprise security risks. To mitigate these risks, WaaS providers should prioritize data privacy and security by implementing robust data protection measures, conducting regular security assessments, and adhering to relevant data protection regulations. They should also establish clear data privacy policies, provide transparent information to clients about data handling practices, and offer mechanisms for clients to control their data. Regular audits and assessments of data privacy practices can help identify and address potential vulnerabilities and ensure ongoing compliance. Regulatory requirements related to data management have evolved from broad guidelines to specific requirements across a multitude of data quality dimensions.

Data has undergone significant transformations over time from manual data processing through to IoT, cloud computing, and AI and data science.

Looking ahead, there is an optimistic view of data privacy, acknowledging that it is still in its early stages and will continue to be complicated in the near future. However, there is confidence that it will be better defined, and that guidance should be provided to data holders. There has been a rapid adoption of data usage, with a shift from traditional brick-and-mortar to a predominantly cyber environment happening quickly. The focus is on pushing for responsible use of personal data. The encryption of technology is catching up to protect data and its use, which was not the case a decade ago. Efforts are being made to address the innovation and usage of data, although there is a sense of being behind schedule.

Overall, there is optimism that privacy will improve, but it requires closer collaboration from a legislation-to-adoption standpoint.

Read the full report and related content here:

Data Privacy in Wealth Management: A Primer to Navigating an Unprecedented Era of Data Production

Data Privacy in Life Insurance: A Primer to Navigating an Unprecedented Era of Data Production

Data Privacy in Wealth Management: The Complex World of Unique Data Privacy Laws