Taking a deep dive into how marketers can navigate upcoming data regulations in the UK and around the world, Matt Bumford, data and culture marketing strategy manager at Lloyds Banking Group, Jeff Knight, director at Grey Matter Marketing Solutions, Kevin Rose, publisher at Mortgage Soup and Jenny Varley, former director of marketing at Paragon discussed key differences between the new rules and the previously implemented GDPR at Financial Promoter Live! 2025.
Fallout from GDPR
Data is a crucial tool for marketers to help promote their business to the right people, but understanding the significant regulations on the horizon for companies, including the European Data Act, the UK Data Use and Access Bill, and the Artificial Intelligence Act will make all the difference for marketing teams.
Bumford noted that many companies will have lessons to learn from their and competitors’ responses to the implementation of GDPR in 2016. “At the time I was part of a company that took the nuclear option when GDPR came in to delete most of our data, including the majority of the names on our mailing lists,” he said.
How can smaller businesses respond to new regulations
Smaller organisations may face greater challenges in coming to terms with new rules around data, but they can still benefit from investing in AI and data literacy.
“There are a lot of small businesses that don’t want to take the risk of getting a fine from the regulator but that’s not what these rules are about, it’s meant to streamline existing regulation,” Bumford said.
Rose emphasized how for smaller companies, implementing new tools, including AI, is crucial for enhancing personalisation and CRM systems. For larger companies, it’s important to build a good relationship with the risk and compliance team, and ensure everyone is on the same page about the goals for gathering data.
Responsibility is key
Knight noted that in financial services, trust is crucial. “In an industry that is all about trust, you have to be very careful what data you capture and how you use it.”
Varley highlighted that consumer attitudes toward data privacy are continuously evolving, with significant implications for targeting and personalisation.
Bumford also added that balance is key in gathering data. “We can’t do the good things, like fight fraud and financial crime, without having a degree of openness with our data, which means we are able to market with personal aspects,” Bumford said.