Truata has announced the launch of a new privacy-enhanced self-service analytical portal for financial institutions in partnership with Mastercard.
The agreement will enable Mastercard customers to analyze customer data in a way that is fully anonymized and compliant with data protection regulations.
The Privacy Enhanced Analytics Platform utilizes business intelligence KPI dashboards and machine learning models, which track measurement and performance on consumer clearing data, thereby offering end-user insights such as spending attrition, card usage, travel payments, and details on recurring payments. It is built on the actions of past and present customers, whether they consented or not, but who are kept anonymous.
Truata’s solution aims to balance the desire of banks to modernize and enhance their services through data analytics with customers’ privacy.
Felix Marx, chief executive officer at Truata, commented: “For banks and financial services to grow and prosper in today’s highly competitive climate, they need to generate insights from their customer data. However, it is paramount that this is done in a way that is ethical, preserves consumer privacy, and adheres to data protection regulations.
“Placing the individual at the center of everything it does, Mastercard’s commitment to privacy by design is reflected in the way it embeds privacy and individuals’ rights, needs and interests into the design and operation of all its products, services and technologies. We’re honored to provide our data anonymization services to Mastercard’s customers.”
Gurpreet Atwal, Mastercard’s senior VP, data and services, added: “We know how important data is to our issuing banks, but we also know the importance of privacy to individuals. That’s why we’ve worked closely with Truata, drawing upon its proprietary technology and expertise in data anonymization and analytics, to bring the Privacy-Enhanced Analytics Platform to the market.
“This move is part of our commitment to promoting the responsible use of data. Working with Truata enables our customers to close their analytical gaps in a GDPR-compliant way.”