Consumer Data Privacy: How Banking Will Regain Relevance
Partner, Global, A.T. Kearney
Partner, A.T. Kearney
Digital commerce is expanding with rapid pace. A growing array of mobile and digital tools, including sensors and automated reordering services, are making the shopping and purchasing process increasingly “frictionless” for consumers. Regardless of the benefits, a majority of digitally-active consumers are openly concerned about the privacy of their “data sharing” activities. Moreover, the growth of frictionless commerce is changing what it means for banks to be “top-of-wallet” in providing payment services. In our session, we will explore the strategic complexities and dilemma associated with the growth of frictionless commerce including consumers’ data privacy “angst” and the emerging set of “consumer needs” for protecting and managing personal data. We will also review the existing marketplace solutions from Fintech start-ups that strive to meet those consumer needs.
The existing consumer trust and confidence that financial services companies’ have may best position them to provide the digital privacy and identity solutions sought by consumers. We will discuss strategic opportunities for financial services companies in the “Privacy as a Service” and digital identity marketspace, as well as how the financial services industry as a whole can take a “consumer advocacy” position on Consumer Data Privacy. Through our consumer research and strategic analysis, we will share the case for how helping consumers manage their privacy in digital commerce, banks can again regain strategic relevance.