Reading:
How data protection regulations can strengthen company-client relationships

How data protection regulations can strengthen company-client relationships

Aug. 5, 2019

gdpr

dados

customer experience

 

Data protection regulations are undeniably important. Today, privacy means more than just public exposure. It also affects business relationships, and has therefore become of value to both people and companies.


Therefore, to manage data appropriately in a business relationship means to respect clients. This relationship becomes even stronger when there is a transparent and reliable process. When you make it clear which information you need, how it is being used, and for how long, you indicate control and responsibility using your client’s data. 
Moreover, today’s use of information is regulated by data protection regulations. In Europe, the GDPR (General Data Protection Regulation) is already in force. In Brazil, the LGPD (General Data Protection Law) will become effective as of August 2020, imposing duties and obligations on data use throughout the country.

 It must be a priority for companies to keep up with these regulations and practices that are now included in protection regulations. This process can be made much easier by hiring integrated digital platforms to meet this legal and behavioral demand. At times like these you can count on :hiperstream’s products. :hiperstream offers security and confidence because of how its product line is designed and its compliance with GDPR regulations. The fact that :hiperstream conforms to regulations gives it the edge of turning its technology into an opportunity to optimize the client’s experience, by making communication more transparent.

GDPR’s global impact: Brazil prepares its version of this regulation


A conceptual change permeates data protection regulations. If in the past it was a common practice to collect as many as client’s data as possible, even without permission or a specific purpose, today the trend is to explore the opposite direction. With the GDPR, the general rule is not to collect any data more than the strictly necessary either to fulfill legal obligations or to perform service provisions. 

In other words, if in the past companies demanded all types of data from their clients for hypothetical use, today what should be requested is only what is really needed to do the job. What’s more, a commitment should be taken on to delete the database from company files as soon as it is no longer needed. This change of mindset is a consequence of what these regulations are imposing. In this respect, an advantage is that companies can enjoy a more human relationship. When you stop demanding unnecessary information from your clients, or collecting it without your clients’ awareness, you build a more transparent and trusting relationship.

 
GDPR became effective in Europe in July 2018, increasing the requirements that must be complied with by data-processing companies, and determining their responsibility when handling their clients’ data. GDPR, albeit local, has a widespread global impact due to its universal reach. Thus, any business providing services to European companies must conform to this regulation. Moreover, Brazil already has a regulation similar to the GDPR, the LGPD (General Data Protection Law), which has been approved and sanctioned, and will come into effect as of August 2020, with its own terms and possessing a national scope. Therefore, it is more than necessary that companies adapt to this new way of working.


How does :hiperstream fit in this scenario? How do its products conform to data protection regulations?


Regarding the use of private data by companies, :hiperstream has a chain with three main links. First comes the subscriber, usually the end client and holder of all data being shared. Right afterwards comes the controller, who is authorized by the subscriber to use these data commercially. The last link of the chain is operator, who merely complies with the controller’s requests, and uses the subscriber’s data as resource.

That is to say, by applying the relationship subscriber / controller / operator to our scenario, we will thus have client / company / :hiperstream. Therefore, to :hiperstream the main resource in this chain is data processing. That is why securing these data is something you cannot give up. Thus, :hiperstream’s  mission regarding product delivery is to help the controller – that is, your company – to use these data lawfully. To do so, our platforms of integrated digital products count on the mechanisms created to ensure your client’s data is secure, and also offer the main service sought.

 
At :hiperstream, the controller (your company) has total clarity and control over what happens to the data. This contributes to facilitate the controller’s communication with the data subscriber, especially regarding opt-out, fixing incorrect information, discarding excessive information, sharing, etc. By treating data in accordance with data protection regulations, :hiperstream optimizes the communication between companies and their clients. After all, when dealing with technology in a GDPR-driven mindset, the tendency is for the message to end clients to become more relevant, based on their seeing themselves as part of a communication that they can trust as having used their data correctly.

 
Moreover, it is worth having in mind that :hiperstream and its partner companies work with a solidary obligation. That is, operator and controller are liable in case there is a problem regarding the use of data. That makes the process even safer and more reliable, resulting in a service even more suitable for the end client.


The future of transparency in communications with data protection regulations


When we think of data protection regulations and the dynamics of negotiations today, we notice that transparency in communication is vital in commercial relations. This is a stance that must be present at all times during this process, in a detailed manner. Improvement of :hiperstream’s services hinges on the consequences of the implementation of current regulations. It is true that today’s regulations on this issue are already strict. However, only when it is put into practice will we be able to fully comprehend what can be adjusted, broadened or adapted.
Thus, it is imperative to implement what has already been regulated to the fullest, and to observe how this change will affect users in general. We already know beforehand that it will be an extremely positive process in boosting client/company relationship, since it increases confidence and optimizes communication, by making it more direct and transparent.

Other content you may like

September 29, 2020

Why SaaS, the Software as a Service model, is guiding digital transformation in banking

90% of global banks' workload will be in the cloud in 10 years. And migration has accelerated since the pandemic. Saas, the Software as a Service model, is the answer for reducing and controlling costs in a period of instability.

September 29, 2020

Communication and compliance in private banking and wealth management

Financial and transactional communications are not like any others. And this perception makes even more sense in private banking and wealth management, in which the relationship between institution and client matters the most to ensure confidentiality and compliance.
July 23, 2020

:hiperstream’s CFO at the Global CFO Excellence Awards 2020

:hiperstream’s executive was recognized as Best Technology CFO at the Global CFO Excellence Awards 2020, together with finance leaders from around the world.

Thank you for your request. We will be in touch with you soon!

Icon For Arrow-up