According to a Salesforce survey, 54% of customers say it’s harder than ever for a company to earn their trust.
This brings in a new challenge for the banking sector, as trust between the customer and the banks is a base necessity in the industry. Banks and Financial institutions operate in a highly regulated industry. Right at the ideation stage of a product or a project, banks need to keep the risk, compliance, legal, info-security teams in alignment with what they’re trying to achieve. Usually, there are processes in place in banks and FIs that vet each product or service before launch; however, in today’s world, it’s highly critical to pay special attention to checks regarding user data and privacy.
Banks are viewed as the most trusted provider of data security. In a survey by A.T. Kearney, 62 percent of customers reported banks as the most trusted firm to ensure the security of customers’ personal information, in comparison to other firms, such as Google, Amazon, PayPal, and Apple.
Clients inherently trust banks, and thus it puts a tremendous onus on the banks to be trustworthy — to follow the rules to a T and protect their client’s interests. When it comes to accountability, banks also bear the largest obligation.
Ayottaz can you help you in building up a robust data privacy protection system with our principles of Learn – Identify – Protect