Your customer data often contain sensitive personal information, such as name, social security number, email, bank account information, etc.
The use and sharing of this type of information are threatening the protection of the citizens' private data. To address the problem of handling personal data, the EU introduced "the General Data Protection Regulation," better known as the GDPR, in May 2018. Today companies must commit to the processing of their customers' data.
Of course, it is crucial to handle your customers' data in compliance with the GDPR, regardless of the industry in which you operate, but it is especially important if you work with leasing. In the leasing industry, a large amount of data is managed. When working with leasing, you need to collect personal information from your customers, such as their name, date of birth, income, address, email, social security number, etc. This means that the authorities are more likely to monitor your ability to process customer data in compliance with GDPR compared to other companies in different industries. If the authorities conclude that your business failed to comply with the GDPR regulative, it could cost you dearly.
It has been more than two years ago since GDPR became effective. In an ideal world, all companies and their employees are now fully versed in implementing procedures that ensure the proper handling of customer data. However, that is far from reality. Many companies are still facing challenges with complex legislation. The legal professionals who advise companies in ensuring that all their actions and decisions are in total compliance with the GDPR are very busy.
GDPR is process-driven, which means that companies must set aside time, resources, and money to prepare additional processes in an already cumbersome procedure. In other words: new requirements and regulations are continually being added to GDPR, and you must continuously be updated on these to stay compliant.
GDPR does not have to be as confusing and complicated as it sounds. Not if you operate in a system that helps you. With a lease management system with the right system architecture, you are supported to comply with laws and regulations - to be compliant. An investment in a lease management system that meets the current requirements and has procedures and guarantees to develop the system to meet new needs and regulations continuously is valuable.
This way, you ensure that your company always handles your customers' data in compliance with GDPR while using as few resources as possible.
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