The French are more confident in banks than in any other player for their personal data, according to Gallit’s latest White Paper “Banks and the Digital Trust Challenge”
Boulogne-Billancourt (France), May 13, 2019
Galitt publishes a new White Paper titled “Banks and the Digital Trust Challenge” in which the payment solutions expert studies the confidence level of the French into various institutions for the management of their personal data, as well as the regulatory environment for digital ID players.
Banks have centuries of experience in managing and securing their customers’ funds. Nowadays, with an increasing digitization of all business sectors, the remain a key player in the French daily lives. As a matter of fact, financial institutions are able to combine an online relation for all day-to- day operations (according to 68% of interviewees) with a human proximity relation for operations that are considered important for their customers such as obtaining a mortgage (58% of interviewees), according to results published in Galitt’s White Paper “Banks and the Digital Trust Challenge”. This proximity, associated with a genuine expertise in terms of security and financial technologies, offers to the banks a privileged position to manage personal data, as demonstrated by the study results: retail banks are the first player named by the French to provide them with the protection of their personal data.
Services delivered by financial institutions are regulated by a complex set of legal rules, also covered in Galitt’s White Paper. Regulations such as GDPR (General Data Protection Regulation), KYC (Know Your Customer) and PSD2 (2nd Payment Services Directive) have a strong evolutionary impact on the legal framework. In this context, financial institutions have an opportunity to build upon their legitimacy to position themselves as a supplier of digital confidence services, based on new technologies such as blockchain and biometrics. These services include digital ID issuance, digital signature, controlled access rights management for personal data or digital safes; they would allow financial institutions to reinforce their position in the French people digital life.
Remi Gitzinger, Executive Director of the Payment Consulting Business Unit at Galitt, declares: “Our White Paper highlights financial institutions’ advantageous position to identify themselves as a key player in the French people digital life, especially along with the ongoing evolution of the legal framework. They can benefit from an opportunity to reinvent their customer relation while building a new service offer for digital ID, which is absent today in the French digital world.”
The White Paper “Banks and the Digital Trust Challenge” is based on a research led by Galitt experts: Oriane Perrachon, Nathalie Gaudin, Nathalie Launay, Gwendal Boëdec, Emmanuel Caron, Alexandre Martin, Cécile Rouhaud, Rémi Gitzinger, Isabelle Pujadas. It is available on the company’s website here.