gdpr: big fines

FCA Fine Raises the Bar on Single Customer View

I may have eaten the last mince pie, but I’m still digesting the news about Santander before Christmas – Santander failed to pass on inheritances, says regulator. This is a £33m fine essentially caused by lack of an accurate, up-to-date Single Customer View – the catalyst being inadequate identification of all accounts for deceased customers and (in some cases) writing to old addresses.

As for Marriott in November, Santander’s board must be starting to ask very pointed questions of its executive re GDPR data compliance. I won’t make any apology for repeating the six commandments of GDPR in relation to customer data:

  • Keep your customer data accurate, up-to-date and secure
  • Make sure that you can prove consent for all use of customer data
  • Respond to Subject Access Requests quickly
  • Process requests for the “Right To Be Forgotten” fully and promptly
  • Maintain a complete audit trail of access and updates to customer data
  • Notify the authorities and affected customers promptly in case of a data breach

The accurate Single Customer View has long been seen as highly desirable for effective marketing and operational efficiency. Now, GDPR makes it plain that failing to make strenuous and continuing efforts to achieve it can threaten the very existence of the enterprise.

matchIT Data Quality Solutions is all about enabling an accurate Single Customer View through more effective and automated customer data matching. Moreover, it’s integrated with deceased and gone away/new address information from Equifax, Royal Mail and other specialist data suppliers, to help our clients keep data up to date as well. matchIT can be deployed anywhere – integrated  into the enterprise database, on the desktop, in the cloud, sitting behind data capture forms and on inquiry to process Subject Access Requests and Right To Be Forgotten. For more information about matchIT and support for GDPR, please click here or contact us