Financial services firms are covered by federal laws like the Gramm-Leach-Bliley Act (GLBA), but also face global and state privacy regulations. These laws expand consumer rights around data access, consent, and transparency, requiring firms to modernize privacy operations. 

GLBA primarily governs financial data but does not provide broader protections such as consumer data rights, AI governance, or cross-border transfer requirements. As state privacy laws close gaps left by federal rules, relying on GLBA alone puts firms at compliance and reputational risk. 

Automation helps firms manage privacy workflows across consent, Data Subject Requests (DSRs), vendor risk assessments, and incident response. By using an integrated platform, financial institutions can reduce manual effort, improve accuracy, and demonstrate accountability to regulators. 

Without automation, firms face higher regulatory fines, reputational damage, and increased customer churn. Manual processes also slow down AI adoption and create friction in delivering seamless digital services.

Transparent consent experiences, clear privacy notices, and timely responses to customer requests demonstrate respect for personal data. This builds stronger customer relationships and positions the institution as a trusted steward of data. 

AI governance requires cataloging models and datasets, running governance checks, and creating transparency artifacts like model cards and reports. Extending privacy frameworks to the AI lifecycle helps financial institutions innovate quickly while ensuring responsible and compliant use of customer data.