Protecting privacy in digital era on cloud architecture for banking and financial services industry

Protecting privacy in digital era on cloud architecture for banking and financial services industry

With an intention to provide easy to use and convenience to customers, Banking and Financial Services Corporations have enabled key services over handheld and wearable digital devices. With use of these devices on everyday basis for several other purpose along with financial transaction, customers are leaving digital foot prints. This digital data can be collected, stored, analysed and used to learn consumer behaviour, location, taste & preferences and monetary spending habits. Based on historical information collected from several areas (social media, transaction analytics, cloud services utilized) and developing suggestions for customer for better choices available in everyday life is where Banking and Financial Services Corporations are competing and willing to provide personalized experience. The use of data to make prediction is through consent from customer, however, not all customer would like their data being collected or used or both. The user or customer consent form over digital application comes with a “take it or leave it” approach. This is where the customer needs and their privacy related aspects are concerned and compromised. In this paper, we have identified the way digitization is breaching customer privacy, changes required over digital platform and data collection frequency to preserve customer’s (an individual’s) right of being let alone. This paper covers the methods to collect private data, methods to use private data for marketing of goods & services, harm to an individual due these unauthorized promotional activities and solution to protect an individual’s privacy.

© 2019 IEEE. Personal use of this material is permitted. Permission from IEEE must be obtained for all other uses, in any current or future media, including reprinting/republishing this material for advertising or promotional purposes, creating new collective works, for resale or redistribution to servers or lists, or reuse of any copyrighted component of this work in other works.