Question

what is the impact of Personal Data Protection Act 2010 on banking industry?

Answer 1

Impact of Personal Data Protection Act 2010 on banking industry is covered in below points -->>

• banks can no longer take it easy in their handling of customers’ personal data.
• A poor data management would result in the loss of credibility, reputation and consumers.
• At the end of the day, consumers would prefer those who are best in handling their data.
• Now customers have the right to make a choice whether or not to provide their personal data to banks.
• Customers may elect to withhold any personal data this may adversely affect your application
• PDPA Notice informs customers about their rights in connection with the protection of their personal data.

Reactions by nations to PDPA 2010 -

• European Union is very firm in ensuring industrial compliance, to the extent that they make it as another trade barrier for any non-EU countries who do not have adequate PDP law.
• Asia Pacific Economic Cooperation (APEC) has also pledged that the member countries should adhere to certain regulation on data protection.
• In ASEAN region, Malaysia and the Philippines had led the initiatives, while it is learned that Singapore, Thailand and Indonesia are following the suit albeit in different speed and urgency.

In short, laws on personal data protection will soon reshape the business processes and will rewrite the requirements of risk management and corporate governance in the banking industry.