GDPR : how to win a tender in the banking sector?

GDPR in the banking sector:

Find out how companies in the banking and insurance sector are integrating GDPR compliance as a decisive criterion for winning tenders.

In an ever-changing digital landscape and with data leaks becoming increasingly frequent, data management has become a major concern for companies in the banking sector.

The risks of data leaks and the need to comply with the General Data Protection RegulationGDPR) have led banks and insurance companies to adjust their practices. Today, GDPR compliance has become a decisive criterion in calls for tenders (RFPs) in banks and insurance companies.

Let's take stock of the situation in this article.

The evolution of tenders in the financial sector

 Awareness of the criticality of data and leakage incidents have prompted companies in the banking sector to review their partnerships and engage only GDPR players. This has resulted in a significant shift in calls for tender, which are no longer content with verbal assertions, but now demand tangible proof of compliance.

For example, you may be asked for the processing register, which specifies the data processed, its type, where it is stored, how it is used, its Data retention date, and the security measures in place. This documentation attests to GDPR compliance, particularly in the face of the CNIL (National Commission for Information Technology and Civil Liberties) in the event of an inspection or incident.

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The key points of GDPR compliance

📋To achieve GDPR compliance, it's essential to take several elements into account to ensure the protection of personal data.

Here are a few recommendations to follow:

• Platform and processors : a company's digital platform in the banking sector must comply with GDPR security standards. After all, this is where insurance or banking data passes through. Relationships with processors must be clearly defined, with documentation proving their compliance with current regulations. Even after the contract has been awarded, regular audits must be carried out to ensure persistent compliance.

• Service providers to be monitored: External service providers must also be assessed for GDPR compliance (examples: data host, CRM, billing tool, etc.). Contracts with these providers must clearly specify security measures and compliance obligations.
• Human Resources Management : This involves raising staff awareness and training them on the principles of the GDPR, but also implementing internal policies to guarantee the protection of personal data.
• Commercial prospecting: Commercial prospecting activities must comply with the rules of the GDPR, particularly with regard to the consent of the individuals concerned. Databases used for prospecting purposes must be regularly updated and verified to ensure data validity.

✅ GDPR compliance should no longer be seen as a constraint, but rather as an asset in the bidding process. Organizations in the banking-insurance field that implement robust data protection practices not only demonstrate their commitment to security, but above all position themselves as trustworthy partners. In an environment where the risks of data leaks are high, the GDPR thus becomes a key element in winning the trust of banks and insurance companies (or other organizations) and, consequently, tenders in the banking sector.