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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