A Report from Mobey Forum’s AI & Data Privacy Expert Group
Co-chaired by:
Amir Tabakovic, CEO and Founder, experiens.ai
Ville Sointu, Head of Emerging Technologies, Nordea
Core Team:
Amir Tabakovic, CEO and Founder, experiens.ai
Ville Sointu, Head of Emerging Technologies, Nordea
Sebastian Reichmann, Head of Productization for Data & AI, TietoEvry
Romana Sachova, Fraud Prevention Manager, CaixaBank
In today’s data-driven world, the banking industry relies too heavily on legacy data privacy enhancing technologies, which bear many hidden risks and instill a false sense of security in the institutions that use them, particularly in the upper echelons of management. This reliance, together with the restrictions on financial data usage imposed by regulation, is inhibiting data-driven innovation across the industry.
Through its situational analysis of this space, Mobey Forum’s new AI & Data Privacy Expert Group has revealed a blind spot in the banking industry regarding the importance of emerging privacy enhancing technologies (PETs) in privacy risk mitigation and business innovation. It contends that this blind spot is becoming increasingly critical in today’s financial services climate, where organisations are perpetually challenged to balance innovation and multi-stakeholder ecosystems without compromising how sensitive data is stored or shared.
In this report, written for decision makers and strategic leadership within financial institutions worldwide, Mobey’s Expert Group highlights a new breed of emerging PETs that create potential for financial service organisations to both significantly reduce existing privacy risks, and allow the implementation of privacy-by-design principles. The Expert Group also provides a high-level introduction into these technologies before concluding that if industry can adopt a strategic approach to PETs, its key institutions may finally escape the privacy-value creation dilemma in which privacy protection occurs at the expense of innovation (and vice versa).
For today’s banks, the strategic value of both data and AI is growing rapidly. With this in mind, Mobey Forum has prioritized its analysis on where the two intersect: data privacy technologies. Data privacy compliance is a critical area for banks to master in order to pursue data and insight driven business opportunities. The finance industry has a century-old history of data protection, as its business model relies on trust like no other industry. Operating with data at scale, without sacrificing privacy along the way, is a major challenge. To support, Mobey has brought together a diverse group of experts with multidisciplinary backgrounds to explore this challenge and the opportunities that emerging PETs offer.
In this report, the Expert Group provides clarity regarding the common terminology around PETs, the role of personal data protection in financial services and the frequently used privacy protection techniques. The report highlights the problems and associated risks which popular traditional privacy protection methods face today, alongside the impact on existing data driven practices and innovation.
Contact mobeyforum(at)mobeyforum.org if you cannot view the report.
