Formed in 2011, Pontus Vision is a regtech firm that helps financial and government organisations to optimise performance and effectively manage their large and often complex data requirements in an efficient, secure and GDPR compliant manner. We enable institutions to easily access standardised and complete data about their customers, delivering rich insight that can be used to transform the customer’s experience, effectively respond to information requests and ensure they meet their regulatory obligations under GDPR.
The General Data Protection Regulation (GDPR) will come into force on the 25th May 2018 and impact every business that processes or collects data from EU citizens. The legislation will require firms to adhere to a multitude of new rules governing how their customers’ personal data is handled, processed and secured. To address these obligations and respond to information requests within the specified time limits, firms will need to ensure that their customer data is secure, standardised, complete and readily accessible.
Meeting these requirements presents significant challenges for a number of financial services organisations, including retail banks, insurance brokers and asset managers. Many of these firms currently store interrelated client data across multiple siloed databases in a wide variety of formats and the volume of new data being generated at an ever-increasing pace is only magnifying the problem. Tackling this challenge continues to create often manually-intensive, costly and restrictive data management processes that themselves further complicate and frustrate efforts to address the regulatory obligations.
By streamlining and automating data management processes, Pontus Vision GDPR enables firms to considerably reduce the time and effort required to take the steps necessary to achieve GDPR compliance. This open source solution constantly extracts, tracks and catalogues all of the personal data that a business holds on its customers, without requiring firms to change their underlying legacy systems and processes. This empowers Data Protection Officers to easily collate and analyse all of the personal data relating to a particular client and quickly respond to GDPR related subject access and information requests, even when the raw data is stored in different siloed locations and in varying formats. The highly scalable and resilient solution offers high security levels, even when data is stored in the cloud.
The ability to access customer data in a single view also provides firms with a rich source of client and business insight, which can be used to enhance the customer experience and create personalised opportunities for cross-selling and upselling.
An end customer-facing ‘self-service’ option allows organisations to provide their customers with the ability to delete or update their own personal information, considerably reducing the additional time, effort and cost associated with manually processing requests of this nature.