One point that struck a chord was that bankers already place a high priority on information confidentiality. Many banks are over-complying. The banking industry needs to better communicate these protections. Lowe first wanted to set the record straight on terminology. It's not privacy, its information protection.
Customers misunderstand the term privacy.
We are really discussing how to best protect the information they share with their financial institution. But therein lies the challenge for bankers as well. Lowe said that just as customers are concerned about information sharing, they also want the convenience of providing information only once. Then the bank can share the information with the mortgage lender, and save the customer time. Sharing information between affiliates is addressed in the new policy.