Privacy Enhancing Technologies (PETs) hold promise for financial institutions as a means of collaborating on customer data while ensuring its privacy and security. Use cases include measuring the quality of KYC data in a peer group, sharing suspicious activity reports, and bringing together transaction data for Anti-Money Laundering (AML) purposes. As well as supporting these use cases, PETs can reduce the cost of data, increase control, and provide new insights that are only available through collaboration.
But there are challenges. Collaborating banks need similar levels of data management and technology maturity, compliance must agree to the use of PETs, and in some jurisdictions legal requirements prevent the sharing of data.
The challenges and opportunities of PETs, use cases, potential benefits and guidance on implementation were discussed during a fireside chat at A-Team Group’s recent RegTech Summit Virtual between Mark Davies, partner at Element 22, and Anthony Ta, project director, digital and innovation and watch leader at Société Générale.
Watch the video to find out more about how PETs work, the problems they can solve, and the benefits they can deliver.