Data transparency

Traditional compliance data handling tools and procedures are mostly not efficient enough to handle the mounting data in the right way, which makes the analysis extremely difficult, writes Srinivasan Pandurangan is senior manager of business consulting at Virtusa.

The law gives residents more — and welcome — control over their data. But it will take work for credit unions to meet the new requirements, such as possibly having to amend third-party vendor agreements.

The bureau's findings and request for information came after acting Director Mick Mulvaney had cited data security as a flaw at the agency.

It's good advice in any relationship context. SunTrust's Bryce Elliott wants transparency from his technology partners. "It's OK to tell me no."

Financial companies have less than a month to address a third round of cybersecurity requirements, the agency warned.

Under the Australian government’s direction, the country is implementing an open banking plan — but it's not going as far as the U.K. and EU have.

International banks are also having to adapt to a raft of regional payment and data regulations that impact their operations in certain territories significantly but in others only negligibly, according to Russell Bennett, chief technology officer of Fraedom.

Protecting customer data should have always been a priority for companies. With GDPR, they now have a framework for teams across the organization to adopt and protect their customer data, writes Shanthala Balagopal, a product marketing executive at Helpshift.

New European Union privacy rules could serve as a guide for U.S. banks.

New European Union privacy rules could serve as a guide for U.S. banks.

As more consumer data is shared across banks, fintechs and data aggregators, the industry is asking for regulators to step in with better guidance.

In a survey, bankers conceded they may not be doing enough to avoid the mistakes social media giants made in the use of unverified data.

With consumer privacy issues in the spotlight, Citibank is betting its app — as an offering from a trusted data partner — will be more appealing than those from unknown brands or companies that have less liability if security breaches occur.

A broad network of financial data, such as utility payments and direct deposits, could help those without established credit histories better obtain loans. It might also help lenders make more accurate underwriting predictions.

Acting Director Mick Mulvaney’s decision to halt the collection of consumer data renders bank exams less effective and ignores existing cybersecurity protections, the Massachusetts senator argues.

Acting Director Mick Mulvaney’s decision to halt the collection of consumer data renders bank exams less effective and ignores existing cybersecurity protections, the Massachusetts senator argues.

The cloud, open development and onboarding tools should get a boost from PSD2, with mandates that banks make it easier to share payment data with fintechs in Europe.

While the Consumer Financial Protection Bureau was careful to note that the principles were not binding, the industry should still adopt the guidelines going forward.

While the Consumer Financial Protection Bureau was careful to note that the principles were not binding, the industry should still adopt the guidelines going forward.

Cleaning up bad data is expensive and time-consuming, but just leaving it alone costs even more. Here are strategies to improve the process.