There is no doubt that access to your customers' data is worth its weight in gold. With this, you get a unique insight into their wants and needs, and it can help you know when and how to sell to them again in the future. Over time many companies have collected and stored data without their customers' consent or awareness. The customers' data often contain sensitive personal information, such as name, social security number, email, bank account information, etc.
The use and sharing of this type of information threaten the protection of citizens' private data. To address the problem of processing citizens' data, the EU introduced "the General Data Protection Regulation," better known as the GDPR in May 2018. This means that it is part of all companies' everyday lives that they must, to a great extent, relate to the processing of their customers' data today.
Of course, it is crucial to process your customers' data in accordance with the GDPR, regardless of the industry in which you operate. Still, it is especially important for you who run a leasing business. In the leasing industry, a large amount of data is managed. When working with leasing, you need to collect various personal information from your customers, such as their name, date of birth, income, address, email, social security number, etc. This means that the authorities are more likely to monitor your ability to process customer data following GDPR than with companies in other industries. If the authorities conclude that your business failed to live up to the GDPR, it could cost you dearly.
It is more than two years ago since GDPR came into force, and in an ideal world, all companies and their employees are now well versed in implementing procedures that ensure the proper processing of customer data. However, that is far from reality. Many companies are still facing challenges with complex legislation. The legal professionals who advise companies in ensuring that all their actions and decisions are in full compliance with the GDPR are far from unemployed.
GDPR is process-driven, which means that companies must set aside time, resources, and money to prepare additional processes in an already cumbersome procedure. In other words: new requirements and regulations are continually being added to GDPR, and you must continuously be updated on these to stay compliant.
GDPR does not have to be as confusing and complicated as it sounds. Not if you operate in a system that helps you. With a leasing system with the right system architecture, you are supported to comply with laws and regulations - to be compliant. An investment in a leasing system that meets the requirements that exist today and has procedures and guarantees to develop the system to meet new needs and regulations continuously is valuable.
In this way, you ensure that your company processes your customers' data following GDPR, while at the same time using the fewest possible resources always to be compliant.
Want a personal walkthrough of 52LEASING? Jan will take you through the key elements of the solution and demonstrate how it can optimize your business.
Jan Johannes Kyhnæb
Business Development Manager, D365
+45 24 42 92 76 | firstname.lastname@example.org
Fiftytwo is a part of Bording Group.
Bording Group has over 400 employees, in 7 companies across the Danish, Swedish and Norwegian markets. We are all involved in marketing, technology and consulting in partnership with our customers.
Dhaka – 1229, Bangladesh
Phone: +880 963-8321719