What the financial sector can teach marketers about data ethics

The issues surrounding ethical data collection and usage long predate GDPR and the marketing industry can take some useful lessons from the financial sector, according to a team at analytics firm Marketscience Truesight.

Writing in the May issue of Admap, the subject of which is Data Ethics, David Dixon (founder/CEO), Sebastian Shapiro (founder) and Nicole Wolf (director of communications) point to the effects of the 2010 Dodd-Frank Act in the US.

Passed in the wake of the financial crisis, it was designed to prevent another economic recession, and while it covers a far wider range than just digital data, the authors note it originated, in part, from similar needs to the GDPR – a need to protect user information.

In their article, Potential implications for marketing, measurement and ROI in a post-GDPR world, they suggest that “the finance industry, for approximately the last 10 years, has been an early experiment in responsible data handling, and an example of how marketing might be impacted down the line”.

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