Solve the Privacy Puzzle
“XYZ has a long-standing tradition of recognizing and protecting the privacy of customers who use its billing and customer care solutions.”
“Protecting the privacy of our customers and clients is an absolute ‘must’ at PQR. We have a long-standing tradition of recognizing and protecting the privacy of customers who utilize our services and purchase products from our firm.”
While the above are published statements of high-level privacy policies, they work just as well as the starting point of internal policy documentation. Both hint at the next level of detail that is needed. For example, XYZ will need to address privacy issues specific to users of the company’s billing solutions, as well as to users of its customer care solutions.
The Business Value
The Royal Bank of Canada, a diversified financial institution, has taken a privacy-positive stance for some time now, re-engineering its IT systems to track customer privacy preferences, ensuring that they are respected by all bank departments, affiliates and partners. Through surveys and other research, Royal Bank of Canada has determined that 7 percent of the demand for the bank’s consumer and retail business is driven by privacy. Based on the shareholder value of its consumer and retail business (about $9 billion in U.S. dollars) that 7 percent values privacy at $630 million.