03 / 07 / 2019
Mastercard's New Service Drives Business Growth and Protects Consumers
ADAM SZONYI, MASTERCARD VICE PRESIDENT - COMMERCIAL PARTNERSHIPS EUROPE, SPEAKS TO FORBES HUNGARY ABOUT TRUATA
Truata, the Dublin-based leader in privacy-enhanced analytics, enables its clients to drive business growth with the use of customer data, while building customer trust and remaining fully compliant with complex and often-misunderstood privacy regulations. While an independent company, it is the brainchild of IBM and Mastercard. Interview with Ádám Szőnyi, Vice President of Commercial Partnerships Europe, Mastercard.
What were the challenges before Truata?
The European Union has implemented legislation to protect consumer data. Most of us think of GDPR as something that has significantly increased our personal data privacy, but these regulations have also posed challenges to companies which use customer data as an invaluable resource to drive product development and improve customer experience.
What kind of solution does Truata offer for the problem?
Truata enables companies to unlock business growth, gain operational efficiencies and monetize data assets, all while protecting customer privacy.
It does this through the Truata Anonymization Solution, which enables its clients to analyse larger portions of their data universe, resulting in accurate analytics to power customer acquisition and retention programmes. It facilitates longitudinal studies, as data retention limitations do not apply to non-personal data Driving Customerand the insights generated by these studies can lead to more efficient marketing spend. The solution also builds customer trust as protecting privacy is at the centre of the Truata offering.
What happens during the process of anonymization ?
Truata receives secure feeds of de-identified and tokenized data from its clients. Upon receipt, Truata alters the data further during its proprietary anonymization process to ensure there are no links to personal information in the ensuing phases of analysis. Clients are then able to use a secure self-service portal to query the anonymized data hosted by Truata and generate the analytical insights needed to build better products and services, find operational efficiencies, and create new information-based revenue streams.
Can clients connect Truata’s data with individual customer profiles?
No, because personal characteristics that would allow such re-identification are erased by Truata as part of the anonymization process. The result is a completely anonymized set of data, allowing Truata’s clients to perform their analytics without having to worry about inadvertently analyzing identifiable customer data.
Who are the potential clients for the Truata service?
Truata offers a cloud-based solution that has applications across a number of sectors, including the banking/financial sector, retail, telecommunications, tourism, and the automotive industry. Basically, it is a solution for every organization that sees value in data and wants to protect their customers’ privacy.
What does Truata mean for Mastercard?
Mastercard has, throughout its 50+ year history, been universally recognized by consumers as a brand they can trust. That trust-based relationship extends to the area of consumer data rights, as Mastercard has long been a champion of the privacy rights of consumers. Truata underlines this deep-rooted commitment to professional integrity and ethics.
Data driven insights are essential to deliver the next generation of products and services. With Truata, we offer a solution to our partners that means better service not only for them but for consumers, too.
Click here to read the source article from Forbes.hu
Read more about the Truata Anonymization Service and its benefits.