Consent Management in the financial sector
Accelerate customer trust and loyalty with an integrated MitID and consent process.
With the migration from Nemid to MitID in 2021, is it also the right time to integrate the Consent Management with your customer authentication?
Consent Management is one of the five pillars in the General Data Protection (GDPR) Regulation. According to EU GDPR Article 7, the purpose of a consent is to give customers a choice and not least control over their personal data.
If a financial sector company wishes to process personal data for several purposes, the customer must be free to choose which specific purposes they give consent to.
More importantly, the consent cannot be hidden away in a wider set of terms and conditions, and a single cookie consent is not enough, if a financial company is interacting with customers. This could for instance be the case, when a new customer asks for a loan or a bank shares customer data with a mortgage credit institute or pension company.
A customer can withdraw consent at any time. It is the task of the financial company to ensure that the customer can withdraw their consent in a simple and easily accessible way.
Turnkey Consent Management tool
Consent Management in-a-box is a smart cloud-based solution for handling all consents given by a customer on any platform and channel. The solution is based on SAP Customer Data Cloud, which is rated as leader in this area by Forrester.
Consent Management in-a-box is integrated with Signicat’s identity platform and can be integrated with MitID or one of the other +30 electronic IDs in Europe supported by Signicat. This enables the customers to have an integrated authentication and consent management process.
An integrated consent and identity management solution:
- Has a positive impact on customer trust and loyalty
- Customers can easily opt into privacy policies and consents
- Ensures that a customer only has to opt in once regardless of channel
- Provides a full overview of each customer’s consents
- Reduce privacy administration costs and GDPR risks
MitID will replace NemID
MitID is Denmark’s new electronic ID providing a state-of-the-art authentication mechanism for all Danish citizens, businesses, and public sector employees.
MitID will replace NemID for all online banking, communication with public authorities, and private service providers supporting authentications, and secure payments etc.
MitID is a modern authentication method, ensuring a smooth, user-friendly experience of validating identity while preserving a level of assurance adapted to the transaction.
With four validation methods (MitID app, MitID code display, MitID audio code reader and MitID chip), end-users can easily access a service provider’s system and give their informed consent related to sharing of personal data with business partners, accepting marketing and communication etc.
MitID with an easy-to-use consent management cloud solution
Combining secure MitID authentication with 1DigitalTrust’s Consent Management in-a-box ensures that you know who gave their consent, when and where.
And it gives you a detailed view of what the user gave consent to such as an explicit acceptance of marketing communication, information sharing with partner, etc.
Signicat is an official MitID broker and offers
MitID authentication through OIDC and SAML2.0 protocols compatible with most service providers’ IT-landscapes, enabling compliance with PSD2, AMLD, and GDPR.
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