Kathleen Calabro, Global Product Leader for EY Nexus, explains that this implementation demonstrates that data preference management is about more than just box-ticking. “The compliance element is extremely important, of course,” she says, “but above all, it’s about putting customers more in control of how their data is shared; this builds customer confidence, which in turn increases brand loyalty.”
To build on this loyalty, in line with the client’s strategic requirements, the solution is underpinned by an architecture that can support sophisticated data-driven marketing techniques to deliver tailored, contextualized communications to customers that honor their preferences and choices.
Over the long term, it will serve as an enterprise-wide privacy and strategic consent solution that connects all business lines to accelerate the speed of compliance with evolving data privacy regulations and policies. It could also enhance personalization and data-driven marketing efforts by introducing mechanisms to better understand customer needs through granularity in preference choices and drive customer lifetime value and brand equity in the long term. The goal is to create value for all stakeholders, from the company’s branch officers and legal and marketing teams to its customers, in the moments that matter.
Amanda Lynch, Global Financial Services Product Leader for EY Nexus, says: “The organization is more digitally savvy than many of its competitors. It’s anticipating developments and looking at the bigger picture – seeing this as a strategic opportunity and as a way to further differentiate itself in advance of new and evolving regulations. It aims to be a leader in this space, and the work the EY team has done is contributing to this and helping to give their customers new choices and more control.”
Of course, data privacy and consumer preferences are important for all organizations that handle consumer data, and the solution the EY team implemented has been designed to help any company that is struggling to manage these issues. It promises to help support the global push for companies to be more open with regards to data, and to protect and grow customer trust.