User Consent
Overview
User consent is the explicit permission given by customers for financial institutions to process their personal data or perform transactions. Regulators, including GDPR and India’s DPDP Act, mandate consent as a cornerstone of data privacy compliance.Consent must be informed, freely given, and revocable. In compliance workflows, user consent is recorded for data sharing, identity verification, open banking, and cross-border transfers.Institutions must store consent logs, provide transparent disclosures, and enable users to withdraw consent easily. Failure to manage consent properly exposes organizations to regulatory penalties and reputational risks. Proper consent management balances compliance obligations with customer trust.
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Related Terms
FAQ
What is user consent in compliance?
The authorization customers give for data processing or transactions.
Why is it important?
It protects user rights and ensures regulatory compliance with privacy laws.
How is it captured?
Through digital forms, checkboxes, or electronic signatures with audit trails.
Can consent be withdrawn?
Yes, customers must be able to revoke it easily at any time.