Security Financial Services: Document Delivery for Brokers and Banks

Security financial services – protecting your customer’s private information and providing outstanding customer service across multiple channels is a significant challenge for organizations operating in the financial sector. And for institutions forced to integrate legacy systems and contend with data isolated in silos, protecting customer data while maintaining a high-quality customer experience is especially challenging.

Banking and finance organizations have a strong incentive to leverage technology to better manage data not only because staff-intensive customer service interactions are costly and inefficient but also because they are subject to stringent regulatory requirements around data privacy.

When customers want access to their records, it’s important that this information is easily, quickly and securely transmissible. For customers looking to finance loans or who are intent on trading securities, time is of the essence – and while they don’t want their personal security compromised, they don’t want to wait for their records or install special software to receive their secure documents either.

Because many consumers today are accustomed to receiving electronic communication from service providers across industries – things like electronic receipts, applications and forms – they don’t fully understand the risks associated with transmitting personal financial records via email. And nor should they have to – it’s the financial institution’s obligation to protect customers from breach.

How can banking and finance organizations offer their customers the convenience of electronic document delivery without compromising data security?

By leveraging secure document delivery tools featuring email attachment encryption, banks can safely and securely transmit electronic statements and applications to customers without jeopardizing data security. This allows banking and finance organizations to offer the convenience of readily accessible documents and records to their customers while minimizing the risk of data breach.

The fallout associated with data breach extends far beyond distrust in the customer base.  Because banking and finance institutions are subject to regulatory requirements, mandated compliance statutes and ongoing audits, having a solid handle on secure document delivery is critically important.

Aside from mitigating regulatory risk and preserving customer data security, financial institutions achieve a critical competitive advantage by implementing a fully featured secure document delivery solution – an improved customer experience. An improved customer experience boosts loyalty, which in turn is directly correlated to retention – and customer retention is the lifeblood of profitability.

This is because customer lifetime value hinges on keeping customers in the fold for as long as possible.  Customer acquisition costs are sunk – so the key lever is the retention tail.  By providing a better customer experience through offering digital transmission of statements and applications, you keep customers satisfied and loyal.  And when they’re satisfied and loyal, they don’t churn.

Once you’ve recouped sunk acquisition costs and ongoing customer service expense, customer revenue becomes pure profit. Therefore, it’s critical for security financial services providers to offer the best possible customer experience.

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