Data protection and regulatory outlook
New regulations are primarily associated with additional bureaucracy and expenses. However, if handled correctly, they can also contribute to the standardisation and industrialisation of processes in the bank. In the best case, these optimised processes anticipate technological change and foreseeable regulatory developments. Finnova endeavours to make its solution as as independent of channels and as service-related as possible.
The master data storage in the Finnova Banking Software ensures consistency here. Data management and security, of course, are always kept up-to-date with the latest technical standards. Not only does this strengthen our customers' competitiveness, but it also meets legal requirements, whether the European General Data Protection Regulation (GDPR) or the Swiss Federal Act on Data Protection (FADP), which is currently being fully revised.
Finnova's client lifecycle concept goes hand in hand with the data lifecycle and represents a significant part of these efforts. It covers the whole client lifecycle, from potential clients to the end of the business relationship and the definitive deletion of client data. Implementation is also key in light of compliance – with the entry into force of the new FADP, it will be essential.
While the large regulatory wave appears to be subsiding somewhat, compliance departments will not run out of work for the foreseeable future – whether regarding the small banks regime, changes to deposit insurance, the revision of the FADP, or future topics such as sustainable finance. Finnova is on the ball. However, we are dependent on input from our customers, whether in Expert Panels or working groups – only together with our customers can we define priorities and roadmaps, ensuring solutions for smarter banking in the area of compliance too.