Trust in modern institutions is falling. Politicians, bankers and journalists are all falling foul of an increasing suspicion, on the part of ordinary citizens, that these pillars of society are not keeping their best interests at heart.
Whether or not that is true, it’s within this zeitgeist that modern banks must operate – and whichever bank finds the magic key to increase trust will reap the benefits of more customers and increased customer loyalty. This article is all about boosting trust – and making your financial institution the go-to for privacy, trust and security in an industry that’s struggling with trust.
Data Privacy
When you’re storing your cash with a bank, you want to be able to trust wholeheartedly that they’re going to keep everything they own under lock and key. In an age where data is as valuable as money – indeed, can give criminals access to your money – this is of utmost importance.
You can start by getting some of the world’s top cybersecurity teams on board to help you plan a security strategy that you can boast to your customers when they sign up. Work alongside such experts to ensure that you’re meeting and exceeding modern data security standards.
Monetary Security
This is another important one, with the banking crash of 2008 still fresh in the memory of most consumers in the US and around the world. You don’t want your financial institution to encounter a run on the ATMs – because it’s at this point that your bank will truly run into serious problems. Instead, ensure that your bank is operating within the regulations for loans and bonds at all times – and that customers are shown a level of transparency when it comes to what their cash is invested in, and how safe their assets are with their bank.
ID Verification
When a banking customer logs in to online banking, swipes their card at a POS terminal, or engages with the financial world in any way, they are relying on a complex matrix of verifiers and authentication techniques, developed over decades, to ensure that the bank knows they are who they say they are.
This is enabled, in the digital age, by document ID verification. This simple but incredibly useful system enables banking customers to access their accounts remotely, by using encrypted keys linked to personal IDs as a way to open up accounts. It’s a must-have to build trust in the modern banking era.
Marketing and Social Media
If you put all the security protocols in place, and you’re confident that you’ll not run into problems in the near or distant future related to security and trust, it’s time to take to your social media channels to boast of your record and your high levels of security. Consumers need to know that you’re proud of your record, and that you think you can be trusted with their data and their cash – and it’s this confidence that’ll attract further customers to onboard with your bank.
Trust is a huge player in the banking industry; boost yours by taking the tips above onboard.
