Question

In: Finance

You are a bank staff who work in our branch. Due to a recent promotion with...

  1. You are a bank staff who work in our branch. Due to a recent promotion with high deposit interest rate, your mother opened a Fixed Deposit with our Bank. One day, your brother asks you when this Fixed Deposit will mature as he wants to borrow the money for a property down payment. What is the most appropriate response to the request?

  1. Tell your brother that the deposit will mature in next week without giving him an exact date.
  2. Tell your brother the maturity date as your brother knows your mother has a deposit in our bank.

Tell your brother that you are not allowed to disclose customer information to third party.

Solutions

Expert Solution

Solution =

Banking is one of the most at risk sectors for privacy violations due to the sensitive, and highly personal nature of information that is exchanged, recorded, and retained. Individuals must trust banks with personal identifying information, their financial records, the access information to their accounts, and their credit history. Thus, privacy violations are not taken lightly and heavily impact the individual whose privacy was violated. Ways in which a violation of privacy can take place in the banking sector include: sharing personal information with third parties without consent for marketing purposes, stolen or lost banking number or card, sharing personal information or allowing access to third parties without informed consent, inadequate notification to an individual concerning what will be done with their data, collecting more personal data than is necessary, refusal to provide financial records upon request by client, incorrectly recording personal information, and loss of a clients personal data due to improper security measures.

In the banking sector, these principles govern:

  • banks’ collection and storage of customer information
  • customers’ rights to access and correct information about themselves
  • the disclosure of personal information.

A bank can disclose customer information if the customer agrees. A bank must ensure the information is correct and within the scope of the customer’s consent. A customer may, for example, agree to the bank’s disclosure of information about one account only. If the bank releases information about other accounts, it has breached its duty of confidence.

As a bank employee, I will following rules & regulations. Banks have to protect customer's personal and banking-related information.

So, I will tell my brother that I'm not allowed to disclose customer information to third party.

Ans - Option c)


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