Intelligence

How Financial Brands Can Use Privacy & Security To Gain Customer Trust

kevin_trowbridge

Kevin Trowbridge

CTO

People can be just as protective over their hard-earned dollars as they are their first born child. Before potential customers willingly hand you their money, they need to know they can trust you with it. Because money evokes so much emotion, financial brands have to work twice as hard to build trust with their audience.

No one wants their brand fading into oblivion, so you must take advantage of every opportunity to establish trust. There are multiple ways to do this, but the most powerful way is through the use of technology. Think about it: five billion people walk around with mobile phones in their pockets every day.  

Nearly all of those people interact with brands they’re passionate about through email, social media, and web content. So, how can you leverage technology to establish trust with your audience?

Here are three powerful ways to get started:

Show Customers How You Protect Their Data

We live in a time where people are both dependent on technology and distrustful of it. Breaking headlines of data breaches and compromised security flood media outlets.  

Now is the time for financial brands to use technology to tell a story about their data privacy and security. Part of your marketing strategy should include actionable steps you are taking to show customers their data is protected.

Did you know only 25% of consumers believe companies responsibly handle their sensitive personal data? Use storytelling to show your customers how you protect their information through features like:

  • Account alerts
  • Two-factor authentication
  • SSL encryption
  • Security best practices
  • Secure data storage

Show Customers How They Can Protect Their Data

Sixty-nine percent of consumers believe companies are vulnerable to cyber attacks. Yes, demonstrating how you’re protecting their data is one step in the right direction. But strengthen that trust even more by showing them how they can protect their own data. The long-term benefits are substantial.

“By using marketing to serve customers and prioritizing customer needs before short-term business and marketing objectives, companies will gain a long-term competitive advantage and sustainable business success as indicated by the increases in purchase intent and loyalty we measured in the study,” says Daniel Burstein, Senior Director of Editorial Content at MarketingSherpa.

Teach them how to secure their online financial accounts by:

  • Creating strong, unique passwords
  • Enabling two-factor authentication
  • Setting up account alerts
  • Identifying non-trusted sources asking for personal information
  • Showing them how to recover from a data breach

It’s a win-win. You earn your customers’ trust by engaging with them on a deeper level, and you get added peace of mind knowing they’re taking extra steps to protect their information. It’s not all on you.

Show Customers They Come First

“Customers are 269% more likely to be satisfied when they view a company’s marketing as putting their needs ahead of its business goals,” according to a MarketingSherpa survey.

It should come as no surprise that satisfied customers lead to more sales. So as a financial brand, what better way to show customers you put them first than by calming their fears around data security and privacy? As policies and best practices change, keep your customers in the loop on how you’re changing too. They’ll appreciate the consistency.

If you ever find yourself in a situation where your data has been breached, be transparent. Don’t be afraid to talk about your brand’s weaknesses and the strategies you’re using to improve on them.

“A consistent brand helps increase the overall value of your company by reinforcing your position in the marketplace, attracting better-quality customers with higher retention rates and raising the perceived value of your products or services,” writes Bo Bothe, Will Cunningham, Elizabeth Tindall, and Leslie Rainwater of BrandExtract.

Trust is earned at a premium in the financial services industry. With privacy and security at the forefront of customers’ minds, financial brands need to earn trust by calming these fears. The benefits are insurmountable–if you are strategic about how you do it. So tell us, how are you using data privacy and security to build trust with your audience?

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