The Need for Compliant Data within the Investment Industry

The Need for Compliant Data within the Investment Industry

There are a very few UK companies not using, or planning to use, consumer data to enhance their services. Investment companies in particular can reap the rewards of data while seeking new investors and analysing the market.

However, as positive as data can be for a business, there are a number of compliance hurdles that can leave many companies wary of the potential risks involved. Consumer data providers and UK list brokers are rapidly cementing their position as the solution to this growing problem, helping investment marketers stay one step ahead of their competition without risking costly data breaches.

Why Use a Consumer Data Provider?

Top data providers like Seawave Media provide businesses with fully compliant consumer data that meets industry regulations and removes the risk for companies in need of data sets and leads. Almost every industry across the country can gain access to data that provides insight into customer behaviour, but this comes at a steep price if the data does not meet UK and EU regulations.

The rapidly increasing popularity of data analytics has recently prompted a number of regulators to tighten controls, forcing businesses to repeatedly update their data compliance procedures in order to remain within the law.

The Joint Committee of the European Supervisory Authorities (JCESA) is one of the latest organisations to announce possible changes to data rules, stating that it plans to scrutinise data use and identify any regulatory measures that might need to be taken to increase consumer protection. Although this is good news for consumers, it does mean more red tape for UK businesses.

However, consumer data providers can prevent companies from breaking compliance rules by taking on the responsibility of data compliance. At Seawave Media, we provide businesses with fully compliant consumer data that meets industry regulations and removes the risk for companies in need of data sets and lead generation.

Data Providers and the Investment Industry

Data brokers are already being utilised by the financial sector to help businesses obtain fresh industry information. Data such as ISA leads, insurance leads and debt management data is regularly updated and supplied by data providers like Seawave. For companies within the investment industry, the use of consumer data providers can be very lucrative, helping businesses to reduce the cost of customer acquisition and stay ahead of competitors.

One of the fastest paced industries in the world, the investment sector frequently relies on fresh data to make or break time sensitive opportunities. Top data providers and UK list brokers are quickly becoming the go-to solution for investment businesses, providing fast and accurate investment data without compromising on compliance.

Property investment, for example, has been boosted by UK residential data and investor leads with some companies already using data to produce risk scores for regional real estate, while others are making use of data brokers to acquire an accurate investor list, which can help save time and reduce costs.

In other areas of the investment industry, investors are now able to use data to help them analyse a property’s history and even assess the financial reliability of prospective buyers.

Although the type of data varies across the board, it is clear that the industry as a whole is benefiting from the use of UK list brokers. Whether utilised on a daily, weekly, or project-by-project basis, data providers are ensuring investment companies keep on the right side of the law in a rapidly changing industry while providing fully compliant leads.

 

Contact Seawave today to find out how we can help generate leads for your company using fully compliant consumer data

May 29, 2016 / Uncategorized

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The Need for Compliant Data within the Investment Industry

In May 2018, the new GDPR regulations become enforceable for all countries operating within the European Union. The new legislation establishes stringent changes to the way companies collect and process data and even more stringent consequences for those companies that fail to make their data fully compliant. And there’s not much chance that Brexit is going to make any difference; the regulations will become firmly established into law by the time we’ve left, and show little chance of being repealed afterwards. So, if you’ve not already optimised your consumer data processing practices, it’s time to start.

Opt-in data changes under the GDPR

One of the most profound changes that the GDPR will establish is in the way that businesses collect data. Whereas before you could operate under an opt-out policy, ensuring customers had to specifically declare that they didn’t want their data processed, now the opposite is the case. An individual now must actively volunteer their data, with tick boxes being the preferred method. Here are some other details the GDPR specifies:
  • As a default, tick boxed should be un-ticked. There should be further options available that allow the user to select the type of marketing correspondence they wish to receive; email, phone or mail.
  • The data subject is permitted to opt out of data processing at any point after opting in.
  • Consenting to data collection should not be a condition of service.
  • Sending someone an email to ask them for marketing permission is not permissible.
These changes will create profound challenges for companies looking to generate leads from marketing. What’s more, there’s a maximum fine of up to 20 million Euros, or four per cent of global turnover payable for a breach of these regulations; a figure that’s easily enough to send smaller firms into administration.

How to demonstrate data compliance

If companies choose to continue processing their own data after May 2018, there are a number of policies they will have to implement in order to demonstrate their GDPR compliance: • Appoint a data protection officer if at all feasible. • Carefully record and document all data processing activities. • Implement data minimisation and ‘pseudononymisation’ guidelines that adhere to the new regulations. In short, the data protection regulations that come into force next year are a minefield. The entire document clocks up just under a hundred individual articles that need to be adhered to.

Fully compliant data experts at Seawave

The team here at Seawave Media have a professional and comprehensive knowledge of the GDPR and other data protection regulations. It’s of vital importance to us that we operate to the highest data protection standards, and provide the most optimised and highest quality data possible within these regulations. Our goal is to ensure every legal box is ticked, while still providing you with high value consumer lifestyle survey leads that deliver a great ROI.

Contact us today to find out more about how we can help optimise your lead marketing strategy, both right now and after the GDPR regulations come through in May next year.