GDPR Hailed As ‘Opportunity’ To Open European Banking

Incoming European data regulations are being recast as an opportunity for financial services to build trust and gain customers, despite the extra burdens the rules will put on businesses.

Earlier this month the European Parliament passed the General Data Protection Regulation (GDPR), updating data protection rules written more than 20 years ago.

Among the provisions brought in under the bill are steep fines worth 4 percent of a company’s global turnover, as well as mandatory breach notification and a consumer right to have their data erased.

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