The importance of trust in banking is unchanged, but strategies are evolving. As banks continue to go digital, the opportunity to lose a customer's trust has never been greater. The other side of the coin is that banks can leverage technology to establish and maintain customer trust while also improving the customer experience in banking.
Because of the importance of trust in banking, it's no wonder that many retail banking technology initiatives are focused on security. According to Verizon’s 2021 Data Breach Investigations Report, the banking sector is one of the most targeted for attacks. As attackers access valuable customer data like Social Security numbers, credit card information and other personal information that they can then resell.
To help ensure customer loyalty in retail banking, banks must focus on protecting the network perimeter through the use of secure cloud gateways and DNS safeguards. They must also create an adaptive, enterprise-grade secure access service edge environment to ensure all end users and devices are securely connected. At the same time, technology like Voice over Internet Protocol (VoIP) inbound anti-fraud and authentication can reduce the risk of fraud by analyzing a caller's voice, device and behavior to determine if the caller is genuine or a fraudster. And advanced network services like a software-defined wide-area network (SD WAN) not only protect data but also provide the reliability and availability required to be there when customers need you.
Technology can also build customer loyalty in retail banking by using data to improve the customer experience. For example, mobile apps can put the power of a bank branch in the customer's pocket. These apps give customers 24/7 access to banking services while freeing physical branches to focus on more complicated customer interactions instead of just making deposits. Banks can also use data to create a richer picture of a customer's financial life to more accurately identify cross-sell opportunities, helping the customer get the most out of their banking relationship.
To stay nimble and maintain a positive customer experience in banking as customers' needs evolve, organizations should look to integrate new technology using a managed services model. This allows IT teams to scale their technology needs up or down as needed while ensuring they work with technology experts for critical elements like security and customer experience in banking. By optimizing resources, increasing performance and simplifying operations, companies are then able to focus on providing the trustworthy customer experience in banking required to compete.
For institutions looking to capitalize on the importance of trust in banking, Verizon provides managed services for networking, mobility, security and the Internet of Things. By taking on all your most pressing technology challenges, you can focus on delivering the innovation required to keep customers safe and satisfied.
Learn more about how Verizon solutions for financial services can help support customer loyalty in retail banking.