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According to a new survey conducted by 55 of the industry’s 500 leaders, 43% of financial businesses have yet to implement a CMP. Platforms play a key role in managing consumer data and preferences in line with GDPR.
Additionally, 48% of companies without a CMP say they don’t think they need one. Data Company 55 suggests that these platforms are important to properly manage consumer data and cookies.
While about half of companies are not actively implementing CMPs, 16% of organizations in the sector indicated their most significant concern was government fines. Information Commissioner Office for a data breach.
The financial sector has a lot to do, but 55 shows it is ahead of many others. An implementation rate of 46% places the sector in his third place. It lags slightly behind the IT and retail sectors. IT has the highest adoption rate at 51%, followed by the retail sector at 49%.
The UK average rate of CMP implementation is 36% across all sectors. 55 data suggests that despite reluctance to implement CMPs, the financial sector is already taking action, fearing fines from regulators.
52% of companies with successful CMP implementations suggest the platform has impacted their ability to acquire customers. Clearly not all parties will be happy with this decision, as consent management platforms can restrict customer tracking via her cookies.
Richard WheatonManaging Director fifty-five, commented on the data. Respecting customer privacy is central to the principles of all financial firms. It is also imperative that we comply with the law so as not to defy regulators or lose customer confidence and business. Finance and accounting operations are often subject to new rules and regulations, FCAMore, IFRS Therefore, they take compliance seriously.
Companies hesitant to implement a CMP in the financial sector may face a double jeopardy: fines from both the ICO and its regulators. is even more important.
An effective implementation of CMP can help us create more content-driven and profitable relationships with minimal impact on our marketing, especially with our privacy-conscious customers. Working together is critical to ensuring compliant data collection without creating barriers to doing business.
