92 per cent of chief marketing officers (CMOs) in the UK financial services industry are prepared for the GDPR - but 96 per cent deny that it is their responsibility.
The findings come from Relay42, a European data management platform company, which found that only 4 per cent of CMOs believe that marketers should have a hand in GDPR compliance. The others point to IT teams as the responsible department.
Although the majority of CMOs claim that they are ready for the GDPR, fewer than 20 per cent are able to identify the origins of data, and only a quarter are fully confident in their ability to edit, change or delete all data relating to a customer, following a ‘Right to be Forgotten' request. Most CMOs, Relay42 concluded, are not prepared for the practical implications of the new European regulation.
More risks of breaching the GDPR became apparent through the survey. For example, only 2 per cent of CMOs are presently able to access permissions for customer applications, but more than half received a data export to their computer or an unmonitored device in the past year.
"My message to CMOs is that they play an important role in the GDPR discussion," said Relay42 CEO Tomas Salfischberger. "It is essential that they join forces with their legal and IT departments."
In a supplementary whitepaper produced with Capgemini, Relay42 says that financial services firms can use the momentum generated by the GDPR as an opportunity to help build customer relationships, based on trust and openness.
The CTO of Capgemini, Ron Tolido, said, "GDPR offers companies a unique chance to rework their customer strategy, changing a reactive stance into a proactive one. It means re-engaging in a real-time dialogue with their customers, based on genuine transparency and openness, secure personal data, free choice and personalisation."
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