1.
STATURE AND SUSTAINABILITY
IN THE INFORMATION AGE
PRIVACY IN
FINANCIAL
SERVICES
2020 PRIVACY STUDY

2.
Based on a survey of 100 North American and European privacy executives, our study
highlights that financial institutions continue to carry significant residual privacy risk.
• New consumers rights regulations
add pressure and may expose
organizational cracks.
• Risks associated with data and
privacy breaches have seen the
second-biggest increase in perceived
impact: 55% of financial services
firms say they have a greater impact
today than they did two years ago.*
Privacy regulations are changing,
but are financial services firms prepared?
*Accenture 2019 Global Risk Management Study - Financial Services Report.

3.
Joining the dots
with security
and data is critical
for effective
privacy controls.
Leverage privacy
data to capture
a broader value
proposition.
Key findings
The privacy
function is
gaining stature,
not just visibility.
Bold moves
required
to accelerate the
journey for privacy.

4.
GAININGSTATURE,
NOTJUST
VISIBILITY

5.
• Privacy has evolved rapidly in wake
of the General Data Protection Regulation
(GDPR), the California Consumer Privacy
Act (CCPA), various data breaches, and
the recognition of the growing value of
data.
• Privacy is now a holistic topic
encompassing consumer rights
as well as compliance.
It’s time for the privacy function to mirror
the post-crisis rise of compliance.
of Privacy study
respondents
consider privacy
a key material risk.
70%

6.
• Every individual in every institution can
have an impact on the whole enterprise.
• This shifts accountability to the “first line
of defense.”
• New approaches and technologies
should be widely deployed (such as
automation tools to drive data discovery).
Privacy risk is broad-based.
Over half of study
respondents identify
privacy risk monitoring
as a key residual risk.

7.
JOININGTHEDOTS
WITHSECURITY
ANDDATA

8.
see records and information management
as a major residual risk.
Effective delivery of privacy
controls requires orchestration
across the enterprise.
Information security and data management
have been partners for years, but…
of financial institutions surveyed
organize privacy, information security
and data management separately.
Now, operations, marketing and procurement
all become part of the day-to-day network
of privacy-related functions. But respondents
are worried about the effectiveness of controls
over multiple teams.
+70% 41%

9.
Financial institutions should be able
to implement “Privacy by Design”.
Deployment of
new technologies
Depersonalization
of data
Disposal of data
on request
Collaboration
on cybersecurity
“Privacy by design” emphasizes privacy as a key consideration of customer journeys.
It touches on:

10.
What to expect next in security
and data?
More operational
compliance risk in
the wake of changes
to governance
structures, new
business processes
and new technologies.
More regulatory flux,
especially in the United
States.
New privacy risks
to emerge with
broader use of artificial
intelligence and
machine learning.
More resources
to be made available.

11.
CAPTURINGA
BROADERVALUE
PROPOSITION

12.
Over Three-quarters said they
are willing to share data
in return for benefits such
as personalized offers and
better pricing.2
73 percent said they would
share data if the companies
they share with are transparent
in how they use the data.3
Accelerating speed of business
compounds privacy security and data
risks – but also presents opportunities.
What our previous financial services consumer research found:
70 percent of respondents
said they will not do business
with companies that cannot
keep their personally
identifiable information safe.1
70% +75% 73%
1 ”2018 Global Consumer Pulse Research,” Accenture
2 “2019 Accenture Global Financial Services Consumer Study.”
3 ”Accenture Interactive’s 2019 Consumer Pulse Survey.”

13.
• Firms should first look at how other
industries do it.
• But they should not make customers
uncomfortable.
• Using online behavior in one channel to
make personalized offers on another might
cross a line.
• Ethical risks abound, especially with
artificial intelligence (AI) in play.
• Privacy programs should be integrated
with broader customer value propositions.
Financial institutions that understand
how customers value data privacy can
differentiate themselves competitively.
72 percent of Privacy
study respondents said
their organizations use
consent to tailor
customer-facing products
and services.

14.
BOLDMOVES
REQUIREDTO
ACCELERATETHE
JOURNEYFOR
PRIVACY

15.
Privacy function faces rising
stakeholder expectations.
Additional expectations come from the increased resources being made available for the
function. Capturing the broader business opportunity while establishing the stature of the
Privacy function and communicating expectations of other stakeholders requires clarity of
strategy.
76 percent of respondents expect
to receive additional funding for
Privacy over the next 12 months.
Yet 1 in 3 Privacy Study respondents
lack a roadmap to address their
residual privacy risks.
76%

16.
cited privacy risk monitoring.
Which privacy risks would
require the most effort to
remediate?
cited records management
and data retention / deletion.
said the accuracy and maintenance
of records processing /
information asset registers.
51%
44%
41%

17.
Chart a bold, sustainable path
forward.
This calls for leaders who have been through similar experiences in compliance
and information security – with the vision and skill to drive concerted action by
multiple stakeholders.
It is also important to look
outside the organization, as the
environment is changing rapidly.
Privacy executives should
look beyond just compliance
and focus on elevating the
customer experience.
Privacy needs a control framework
that reflects the risks prevalent
in the Information Age while
recognizing the importance of
delivering value to the business.
Coordination with peer
leaders and industry forums
is essential.

18.
Managing Director
Accenture Finance & Risk
www.linkedin.com/in/ben-shorten-
41b01a5b/
Director
Accenture Finance & Risk
https://www.linkedin.com/in/dino-
landingin-6138636/
Senior Manager
Accenture Finance & Risk
www.linkedin.com/in/umerhamid/
Readytomove
yourprivacy
functionforward?
www.accenture.com/PrivacyStudy
Download the 2020 Privacy Study
Ben Shorten Dino Landingin Umer Hamid

19.
Copyright © 2020 Accenture. All rights reserved. 19
Accenture 2020 Privacy Study
Privacy in Financial Services: Stature and
sustainability in the information age
About the Study
The Accenture 2020 Privacy Study was based on a survey of 100
privacy executives at banks, insurance companies and capital markets
firms across North America and Europe (Canada, France, Germany,
Italy, Spain, Switzerland, U.K. and U.S). The survey was conducted by
Accenture Research in December 2019 and January 2020.
About Accenture
Accenture is a leading global professional services company,
providing a broad range of services and solutions in strategy,
consulting, digital, technology and operations. Combining unmatched
experience and specialized skills across more than 40 industries and
all business functions—underpinned by the world’s largest delivery
network —Accenture works at the intersection of business and
technology to help clients improve their performance and create
sustainable value for their stakeholders. With more than 509,000
people serving clients in more than 120 countries, Accenture drives
innovation to improve the way the world works and lives. Visit us at
www.accenture.com
Disclaimer
This presentation is intended for general
informational purposes only and does not take into
account the reader’s specific circumstances, and
may not reflect the most current
developments. Accenture disclaims, to the fullest
extent permitted by applicable law, any and all
liability for the accuracy and completeness of the
information in this presentation and for any acts or
omissions made based on such information.
Accenture does not provide legal, regulatory, audit,
or tax advice. Readers are responsible for obtaining
such advice from their own legal counsel or other
licensed professionals.