Politik
Electronic Money: How Far Bank Can Protect Customer Data Privacy
The rapid evolution of digital technology has profoundly altered the landscape of the banking sector, transforming both traditional financial services and business models. In today's digital era, banks are required to adjust to evolving customer preferences, which now lean towards technologically advanced, personalised, and convenient services. One major area impacted by this transformation is electronic money, which has seen a significant increase in usage for streamlined online payments and transactions. However, this shift towards digital banking and e-commerce has triggered important issues concerning customer data privacy and security.
The analysis delves into the regulatory environment, encompassing legislation such as the Personal Data Protection Law, which governs the protection of customers' sensitive financial data stored by banks that issue electronic money cards. It evaluates the effectiveness of banks in safeguarding customers' private information amidst the rising number of electronic money transactions across different platforms and channels. The discussion also explores potential strategies that banks can adopt to enhance data privacy protocols, adhere to changing regulations, and reinforce customer confidence in the age of digitalisation.
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