Experts shared how the industry can move forward in Data Privacy - beyond Data Privacy Day 2023.
Scott Harkey, EVP, Financial Services & Payments at Endava
"The global digital payments market continues to expand rapidly as we edge closer to a cashless society and we’re seeing payments become increasingly embedded in the products and services we consume. Technology is fueling the digital revolution in e-commerce but it’s people – and their sensitive data – which lie at the heart of this innovation. Personal data is the golden asset which companies are increasingly looking to leverage, from apps powered by this data to embedded financial transactions using saved customer information. Identity is key to building meaningful experiences, but this relies heavily on trust. Customers are more aware of their data than ever and will think twice about sharing it if they feel it won’t be protected.
Organizations need to put practices in place to secure consumer data from the very beginning of collection. Tokenization can play a huge role here. While originally used for Personally Identifiable Information (PII), any kind of data can be tokenized, and organizations need to think about how they use these tools to capture data and how they communicate to customers that their data is secure. With innovation becoming increasingly dependent on personal data, that information must be protected at all costs. Investing in innovative tools that make built-in regulation features a priority will win the day and the public trust."