All around the world, legacy banking institutions are struggling to differentiate themselves from their fintech competition. When asked why customers are flocking to alternative financial options in record numbers, the answer often boils down to a single word: convenience. Time and again, customers have made it clear that self-serve support is a critical factor in their calculations.
Yet despite the fact that people want all the convenience of online banking, the average consumer remains terrified about the security of their financial information. It doesn’t help that not a month can goes by without news of anew ‘breach’ leaving people’s sensitive financial details vulnerable.
This is exactly why offering customers great self-service options isn’t enough. Beyond utility, customers must see a bank’s self-service options as a security resource. In a world where security is not a given, self-service options are all about offering the same convenience of fintech while doing more to cultivate and maintain trust.
And for those banks truly maximizing their value, that trust can be a key differentiator.
Customers Look for Critical Banking Security Measures in Self-Service Resources
One of the key advantages traditional banks have over fintech is the perception that they are trustworthy.
For that reason, cultivating trust starts with banks having self-support customer service that takes advantage of that predisposition by making security-related information an important part of their knowledge base. Do not make customers go searching for information about security.
Specifically, many customers will arrive with a predisposition towards certain keywords or techniques. Make sure this information is not only readily available but also prominent, easy to find and comprehensive. Inform customers about the technology the bank uses to protect them, such as multi-factor authentication and strong encryption. Explain policies, such as liability for unauthorized charges to bank cards and debit card blocking, that will keep customer funds safe in the event of a security breach.
It’s a mistake to believe customers aren’t paying attention. They absolutely are!
Banks that have these policies in place must be sure their self-service sections are excellent at letting customers know about them.
Champion Security in Community Forums
Another great way to get the word out about security is though a bank’s community forums. Customers are used to crowdsourced forms of information for financial matters. A bank’s own forums are where new, returning and even potential customers go to get answers to their security questions and concerns. Be ready to provide it in a convenient and easily digestible manner.
The low-hanging fruit here is to simply respond to customer questions and jump in to ongoing discussions. But a comprehensive strategy doesn’t stop there. Customer support staff must also be empowered to create resources and open topics themselves. Doing this helps facilitate the discussion and gives the impression of an active, engaged institution that’s on top of security from every angle.
For example, when news of a data breach occurs, CS representatives should take to the self-help forums to discuss it. Creating a topic such as: “Here’s what we’ve learned so far from the breach at X to protect our customers better” shows a bank with knowledge, proactivity and empathy.
Use Self-Service Forums and Security to Differentiate the Brand
Using self-help resources to champion security issues is an excellent cross-over into a bank’s marketing and retention efforts.
Customers differentiate on convenience. By creating robust self-service options, banks can meet that demand while ensuring security is paramount. Banks that manage their communities properly can therefore kill two birds with one stone. By engaging customers both proactively and reactively when they have security concerns, customer support can be the vanguard in presenting the image of a bank that truly cares about their clients’ security, values and time.
By offering consumers self-service options that make finding information about security fast and convenient, banks can go a long way towards maximizing their trust advantage. This also negates the convenience factor as a differentiation option for disruptive fintech competition.