Data privacy has become a top priority for consumers and brands alike in recent years. And for good reason – with the introduction of regulations like Europe’s GDPR and the California Consumer Privacy Act, ensuring customer data is appropriately collected, stored, and utilized is becoming a legal obligation rather than simply a best practice.

The latest example of these measures is Quebec’s Act to Modernize Legislative Provisions Respecting the Protection of Personal Information, otherwise referred to as “Law 25.” The act requires private businesses operating in Quebec to bolster their data security measures by:

• Developing a policy on regulatory practices surrounding the business governance on the protection of personal information.
• Obtaining consumers’ free and informed consent to collect, communicate, and use their personal information in compliance with new consent rules.
• Respecting consumers’ rights to revoke this consent at any time.
• Conducting a privacy impact assessment before disseminating personal information outside of Quebec.

A full summary of the requirements established by Law 25 can be found here. Marketers in highly regulated industries like financial services and healthcare should make an extra effort to familiarize themselves with these updates, as they already have their fair share of hoops to jump through when it comes to leveraging data to inform their campaign strategies.

Why does consent matter? 

It should go without saying that financial and healthcare data are incredibly sensitive categories of personal information. The mishandling of confidential data can have serious ramifications for individuals, like financial fraud or identity theft. Consent for sharing this data must therefore be strictly monitored and regularly verified. Otherwise, companies stand to face consequences like:

• Legal penalties
• Reputational damage
• Regulatory sanctions
• Civil and criminal liability
• Costs associated with data breach remediation

Juggling consent management and regulatory compliance – along with the rest of everyday business operations – is no small feat. Luckily, brands don’t have to go it alone. Tech solutions like consent and preference management platforms (CMPs) have the ability to automate compliance while using consumer preferences as a singular source of truth.

Let’s dive into how this technology enables marketing organizations in the finserv and healthcare sectors to both safeguard consumer data and responsibly use it to create superior, personalized experiences.

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Consent and preference management for financial services 

Non-compliance and the mishandling of financial data can lead to exorbitant legal fees and cause irreparable damage to consumer trust. But consent and preference management solutions put the power in the hands of the customer, making it easy for finserv organizations to defer to consumers’ preferences and abide by regulations like Law 25.

A CMP gives consumers a holistic view of how their financial data is used or shared. Moreover, it empowers individuals to manage their consent, allowing them to easily modify or revoke their preferences concerning the sharing of financial information whenever they choose.

The right solution will also improve the lives of internal teams: with crystal clear consent management, finserv organizations collect and process only the data folks have agreed to share. By streamlining the flow of information, CMP technology ultimately reduces the risk of neglecting important regulations. And should a data breach occur despite the business’s best efforts, the CMP maintains the necessary documentation so finserv organizations can prove they obtained consent.

With ample visibility into consumers’ preferences, marketing teams have the ability to refine their communications and campaign strategies, thus enabling them to curate a more personalized and engaging experience overall.

Consent and preference management for healthcare 

Recent data revealed that a lack of informed consent is patients’ #1 concern when it comes to trusting their healthcare providers with sensitive data. With six in ten patients believing that providers are not keeping up well with new data privacy regulations and legislation, healthcare and marketing professionals in the industry certainly have their work cut out for them.

But there’s a silver lining here: the vast majority (90%) of respondents said healthcare providers that invest in data security technology are more reliable than those that don’t. Of those, 43% are actively looking to switch to a provider that places a stronger emphasis on data privacy protection.

Consent and preference management is one such solution here. Consider regulatory compliance as an example. Privacy regulations differ from country to country – and even state to state in some cases. CMPs automate compliance across multiple jurisdictions, so providers don’t have to worry about region-specific nuances or variations, and patients don’t have to worry about their data being mishandled due to ignorance of local regulations.

CMP tech also seamlessly integrates with third-party systems to make data sharing and interoperability as secure as possible. By shining a light on what information patients have consented to share and with whom, providers can connect consent across all their stakeholders and third-party systems. This means data is ethically collected, stored, and used to create experiences tailored to consumers’ unique needs.

Preference is everything 

Ninety-two percent of respondents to the aforementioned survey argued that explicit consent should be a mandatory requirement for sharing health data. But leaders in other industries should take note here as well: adhering to consumers’ preferences should always be a top priority, especially when it comes to the exchange of sensitive personal information.

While respecting these preferences isn’t a legal obligation on a global scale just yet, businesses should model their data collection practices in accordance with regulations that already exist and lean on technology to help them do so. Don’t take consumers’ trust in your brand for granted – demonstrate that you deserve it by letting their preferences take center stage.

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