17 May 2018 • 3mins •

What is GDPR? A quick recap and how it affects your Yolt

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You may have heard about something called GDPR, the General Data Protection Regulation. This new regulation was created to standardise the way organisations in Europe manage, protect, and use personal data. We’re not just talking about banks, governmental institutions, or other financial providers. Moving forward, all organisations operating within Europe are now required to follow these guidelines, ensuring that your personal data and privacy are protected according to the highest standards!

The key benefits for you

GDPR introduces some major changes to the way organisations manage customer data, from storing personal information to communication preferences. You can find all of these on the official GDPR website, but we’ve outlined some key GDPR principles, and how we’ve built these into Yolt, below:

1. You can easily access your data

Under GDPR, you can easily find out whether an organisation is processing your data and for what purposes. We’ve built Yolt to be transparent: all data that you’ve provided us with is easily accessible within the App.

When you connect to one of our in-app providers, they may receive relevant data about you, but only with your explicit consent. It will be made clear to you what details you’re sending and how these partners will use them.

2. Fair, lawful and transparent processing

We will only use your personal data for your benefit and to give you the best experience (you can read more about this in our new GDPR privacy policy). We only store your data in the EU and under strict European data protection rules. We do not sell your data to other parties.

3. You can be ‘forgotten’

You also have the right to erase that data –in other words, you have the ‘right to be forgotten.’ It’s now easy to get in touch with a given organisation and request that your data is deleted and all further processing of your data terminated. You can easily delete your Yolt account through the app and this will delete all data we hold about you. But if you have given consent to one of our in-app providers, you should request a personal data deletion with them directly. We’ll help you with that where we can, too.

What it means for Yolt

Yolt is a venture of ING NV, which means we have both the innovation of a Fintech and the security of a bank. Way back in 2016, when we first envisioned Yolt, we knew GDPR was fast approaching. So, we followed GDPR guidelines as closely as possible from day one. Privacy and security are in our DNA, and the key data protection benefits outlined above have been available to our users from the beginning.

So, how will GDPR affect your Yolt experience? Very little! That said, with the official launch of GDPR approaching, we have tweaked our privacy policy and we are asking all of our users to review and consent to our latest privacy policy, which you can find here. We will also be sharing this with new users on registration and with current users directly in the app.

Did we miss something? If you have any questions about GDPR, you can reach us at hello@yolt.com!