Cookie Management: Why eCommerce and FinTech are Most Vulnerable to Data Privacy Laws
In the last three years, business has changed substantially. While digital sales were already growing, the rise of COVID accelerated that movement. Company owners are still trying to catch up. With new laws, new websites, and new ways of working, that’s not easy. One way to be compliant with laws is with a robust cookie management solution.
Cookies? What are those?!
Every time someone visits your website, fills out a form, or purchases something from your business, there are small bytes of data being collected that are called cookies. This can include names, addresses, phone numbers, and even sensitive information like health care and social security numbers. As a business owner, it’s difficult to comprehend or even process who is gaining control of these cookies, where they’re going, and why they are being used.
If you’re in the FinTech or eCommerce industries, it’s especially important to pay attention.
Financial Information
Have you ever gotten those annoying spam emails after you’ve searched for something online? Or saw a Facebook ad that reflected what you were talking about with a friend? That’s the reality we’re dealing with today. When it comes to financial information, you don’t want your customers to feel worried that they – or their bank account - is being compromised.
In addition, FinTech companies are subject to quite a few more laws than other companies. Depending on where your company or your users are based, there are specialized regulatory bodies in place that can investigate, audit and fine your business. Some of these include, but are not limited to:
Anti-Money Laundering (AML)
Security and Exchange Commission (SEC)
Financial Industry Regulatory Authority (FINRA)
International Revenue Service (IRA)
That’s just a few of them, but they are the major players. It’s good to keep your eye on what’s happening in 2023. Some new additions include data privacy laws like GDPR, CCPA, and CPRA. If your FinTech business isn’t in compliance with these privacy laws, it could make your company very vulnerable. Additionally, customers may lose trust in your business if you aren’t compliant.
The right cookie management tool can help you keep things right in line. By asking an end users’ permission and gaining their consent preferences, you’ll give them the ability to navigate your site with confidence – and you’ll have the records you need in case there’s an audit in the future. You’ll also gain your customers’ trust. This shows that you value them and their safety.
eCommerce
We all love buying things online, but it can be worrisome. After all, when you shop online, you’re putting in your credit card number, giving out an address, and showing your full name. If an end user doesn’t know where that information is going to end up, they may decide not to purchase a product. How can you help them feel safe? What will make your business stand out from the rest?
One of the most interesting eCommerce laws is about online profiling. That means, if you didn’t get complete pieces of information from a user but they continued to use your site, third parties might have access to a whole entire data set (cookies). This information would be easy to piece together to find out who someone is. Yikes! As a business owner, you probably don’t want to take responsibility for a users’ personal data – and that’s totally understandable. It’s theirs! Let’s do this together and make sure you have it in the right hands.
Cookie management software is a great way to begin. With the right solution, you’ll get a customized banner that gains consent and helps manage preferences immediately. This won’t disrupt your customers or change the overall experience. It will also help users feel more comfortable coming to your site. Knowing that they have transparency and control into where their information is going helps your business, your customers, and anyone who might need to investigate in the future.
What’s the Solution?
So glad you asked. Adzapier is here to help. Not only do we have an independent cookie management platform, we also provide a complete solution that will keep your business in compliance – now, and later. You can opt for a cookie banner, make it your own, and start collecting records from your users now. You can also go for a package deal that offers even more than that. The choice is totally up to you – but if you’re in the FinTech or eCommerce industry, it’s very wise to take a step ahead and ensure that your customers and your business are safe.
At Adzapier, we are committed to giving you the best experience possible. No matter what industry your business is based in, we can help get you compliant with local and global laws. It only takes about 30 minutes! Plus, you’ll meet super fun members of our sales team. Sip on a coffee, eat a (non-digital) cookie, and get ready for a meeting with us. We can’t wait!