Driving Consumer Confidence Through Reliable Communications

Paul Holland, CEO at Beyond Encryption

 

Consumer confidence plays a key role in the relationships that organisations have with their customers, especially in the financial services sector. In a world where technology and society are evolving at such a rapid rate, it is crucial to ensure that both the business’ communications and security are kept as up-to-date as possible, leading to improved customer confidence and the protection of personal data.

Digital communication has soared in recent years, with approximately 333.2 billion emails being sent on a daily basis. The system is very much developing from postage-based communications to faster and more accessible emails. Organisations can now seamlessly communicate with their customers, sharing updates and important documents in a matter of minutes, compared to traditional postage methods which take several days. The speed and accuracy of communication are of the utmost importance in the modern world.

Particularly within financial services, fast and effective communication with customers should be a priority. For too long, the industry has clung to paper-based communication – which slows processes significantly and leads to increased customer frustration. In order to drive consumer confidence, and improve their overall experience, the financial services industry must evolve and deliver seamless digital communication, and it must be done in a highly secure and efficient manner to protect the sensitive documents and information exchanged with customers, such as mortgage applications or loans.

Paul Holland

Strong customer relationships – the key to organisational success?

Ensuring strong customer relationships should be at the forefront of an organisation’s priorities, with these relationships driving a tremendous amount of extra benefit for all parties on the value chain. A recent PWC study found that 73% of people refer to customer service as an important factor in their purchasing decisions, highlighting the importance of creating, maintaining and developing powerful customer relationships for businesses.

Through reliable communications with their customers, organisations can develop end-user confidence, which in turn creates a strong sense of loyalty for the customer, potentially opening up future pathways for new business opportunities and possibilities. The PWC study above aids in reinforcing this message, stating that 63% of people would offer more information to a company that provides excellent customer service.

Having this additional customer data on hand can allow organisations to adjust and cater their services to meet the individual needs of their customers, ensuring that all involved parties are receiving the best possible end result. Collating all of this together, we can see that strong consumer confidence and relationships create a virtuous cycle, improving customer stickiness and driving the long-term success of a business.

How can organisations deliver secure email communications?

Regular communication with customers drives loyalty and ultimate business value. However, with the continued threat of cyberattacks, organisations must consider how safely and securely these messages are being delivered. Fortunately, with enhanced focus and investment in cybersecurity systems across a range of industries, these businesses can gain easy access to secure software that not only ensures secure communication but creates seamless workflows for organisations and their customers.

One simple way to increase the security of an organisation’s data is to implement a two-factor authentication process into its systems. Two-factor authentication helps add an extra layer of protection to a business, only granting users access to a system after they have provided two forms of correct evidence to an authentication mechanism.

Another way that companies can help ensure the protection of their communications is through the use of end-to-end encryption. This is a security method which scrambles and disguises communications through the use of cryptographic keys. In the encryption process, only the recipient with the correct cryptographic key can decrypt the message on their end, ensuring that only the intended individual has access to it.

Streamlining organisational workflows through email communication

Email communications are a truly lucrative prospect for many financial services businesses, allowing them to streamline operational workflows and speed up both internal and external processes. They are also significantly faster and more accessible than paper-bound alternatives, further adding to their organisational attractiveness. While email is innately not a secure method of communicating, the security of personal data can be ensured through processes and systems such as two-factor authentication and end-to-end encryption, eliminating the concern of data privacy and protection.

Through the utilisation of digital communication, businesses can send and receive confidential information – such as mortgage applications – through email securely and with confidence. This eliminates the need to meet face-to-face, removing the time delay of arranging, attending and planning a meeting with a client. Rather than being forced to wait days or weeks, documents and information can be transferred in seconds, completed, and then sent back just as quickly.

Reliable and regular communication plays a significant role in driving consumer confidence for businesses. With the right security tools and protocols in place, digital communication not only helps to streamline operational workflows, but it creates faster, more accessible and secure channels of communication between business and consumer – ultimately improving the overall customer experience and long-term business success.

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