Protecting Privacy in Digital Era on Cloud Architecture for Banking and Financial Services Industry With an intention to provide easy to use and convenience to customers, Banking and Financial Services Corporations have enabled key services over handheld and wearable digital devices. With use of these devices on everyday basis for several other purpose along with financial transaction, customers are leaving digital foot prints. This digital data can be collected, stored, analysed and used to learn consumer behaviour, location, taste u0026 preferences and monetary spending habits. Based on historical information collected from several areas (social media, transaction analytics, cloud services utilized) and developing suggestions for customer for better choices available in everyday life is where Banking and Financial Services Corporations are competing and willing to provide personalized experience. The use of data to make prediction is through consent from customer, however, not all customer would like their data being collected or used or both. The user or customer consent form over digital application comes with a xe2x80x9ctake it or leave itxe2x80x9d approach. This is where the customer needs and their privacy related aspects are concerned and compromised. In this paper, we have identified the way digitization is breaching customer privacy, changes required over digital platform and data collection frequency to preserve customeru0027s (an individualu0027s) right of being let alone. This paper covers the methods to collect private data, methods to use private data for marketing of goods u0026 services, harm to an individual due these unauthorized promotional activities and solution to protect an individualu0027s privacy.

Designing for Consumer Trust in a DataPowered World Contrary to traditional practice of viewing privacy as purely a risk mitigation exercise, companies should consider using privacy as a strategic driver for improved business success. Often data privacy is treated as a mere compliance obligation; a xe2x80x9ccheckboxxe2x80x9d exercise to keep a company current with legal requirements. Yet real privacy protection begins with product ideation: from concept to prototype, to testing and deployment. Technologists and product design professionals have a critical role to play in this process and it begins with a thorough understanding of consumer behaviors. What are todayu0027s consumer attitudes about privacy and what are their expectations? This article provides real insights into the privacy mindset of consumers and it addresses how regulators are responding; and, it outlines a principlesbased approach that organizations can use to achieve both privacy assurance and product success.