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Challenges of GDPR compliance in consumer financing companies

Author

Listed:
  • Monika Tsaneva

    (University of National and World Economy/Department of Information Technologies and Communications, Sofia, Bulgaria)

Abstract

From the point of view of information systems, EU General Data Protection Regulation (GDPR) is traditionally associated with the imposition of strict procedures and restrictions on the storage, processing and transmission of personal data. The aim of this paper is to propose a comprehensive approach to implementing GDPR requirements in information systems and applications operating in the consumer financing area. The research is based on an analysis of the business process and the typical information infrastructure of a credit institution on one hand, and on specifics of GDPR compliance in this sector, on another. As a result of this development, basic guidelines are proposed for how, while implementing GDPR's requirements, business can be expanded by creat-ing the fundamentals for introducing cuttingedge information technologies, upgrading existing applications, developing new integration solutions, and de-veloping B2B platforms. The main conclusion made from this research is that when carefully planned and implemented with the right technological solutions, GDPR compliance in the consumer financing companies can open up new busi-ness and technological opportunities, thereby ensuring further optimization of company operation and eventually enhancing customer satisfaction.

Suggested Citation

  • Monika Tsaneva, 2019. "Challenges of GDPR compliance in consumer financing companies," Conferences of the department Informatics, Publishing house Science and Economics Varna, issue 1, pages 103-115.
    • Handle: RePEc:vrn:katinf:y:2019:i:1:p:103-115
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    File URL: http://informatics.ue-varna.bg/conference19/Conf.proceedings_Informatics-50.years%20103-115.pdf
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    More about this item

    Keywords

    GDPR; integration solutions; consumer financing applications;
    All these keywords.

    JEL classification:

    • C8 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs

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