Securing Financial Futures: Navigating Cybersecurity and Customer Experience

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We are in an era of supreme data reigns. Enterprises across various sectors are experiencing massive transformations. Most financial institutions are at the forefront of this transformation. As digital efforts by enterprises have accelerated over the past decade, cybersecurity has become an integral part of most organisations. Recently, enterprises have been encountering massive cyber threats.

That is because of the increased attack surface due to digitisation. Thus, organisations, especially financial service firms, should take proactive measures against cyberattacks. However, with security measures in mind, enterprises cannot compromise any financial service’s customer experience (CX). Let’s get a complete walkthrough on how enterprises can balance cybersecurity while keeping customer experience intact.

Keeping Customers' Data Secure

Across all spheres of technology, security is an essential dimension. Customers using services from financial institutions pay more attention to their financial data and personally identifiable information (PII). At the same time, customers expect a seamless user experience while operating any apps or digital services provided by the financial organization.

Handling financial belongings becomes difficult for people because of multiple numbers and counting. But with digitization through apps and the advent of a high-end user interface, customer experience becomes seamless. However, focusing alone on the customer experience can go awry if the firm does not strengthen the various factors associated with the security of the customer data.

According to a research report submitted to the Information Commissioners Office (ICO) by UK financial services, financial organisations are experiencing a threefold rise in cyber attacks compared to the previous year. The cyberattacks rose by 640 breaches from 187 from June 2022 to June 2023. Thus, financial sectors constantly face a formidable challenge in preserving data integrity, security, and Customers’ data privacy while delivering unparalleled customer experience (CX).

Role of Cloud in CX and Data Security

Over the past few years, the increased use of generative and regenerative AI has brought concerns among enterprise stakeholders regarding customers’ data utilisation. There is no denying the fact that sensitive data about the product or the customers are a valuable asset to any organisation. Hence, organisations should protect these data from external and internal threats. Even though app development companies and financial institutions provide proactive measures to secure digital systems, factors like lack of training, improper cyber hygiene, and poor configuration of services and systems often result in security loopholes.

Business stakeholders and owners have identified that robust security drops the quality of user interface and customer experience. This issue gets exacerbated in firms that use traditional systems for handling and managing customer data. Legacy systems often compartmentalise data for security reasons. But this makes data less accessible or flexible when required. In the case of financial organisations, customer data should remain aligned with the retention goals. Legacy systems resist access, leading to poor customer experience (CX).

So, to deliver security and flexibility in accessing customer data with better CX, enterprises and financial institutions have concluded. The answer is to use the cloud technology. By harnessing availability, automation, accessibility, and scalability, financial organisations can keep all data in one place and bake it innately as & when required. Cloud computing and cloud-based services help financial and other organisations handle data with encryption at rest and in transit. Apart from security, it also helps contact centres deliver quick customer services and keep data centrally at one location. That way, agents can provide prompt services to customers effectively.

Strategic Security with Regulations

We all know banking & financial institutions have to follow strict regulations. Thus, security benchmarks become stringent when enforcing new technology. Also, choosing between multiple technologies and solutions often invites bewilderment among administrators. Hence, opting for the right technology and platform can save a lot of time & internal resources. Cloud is an all-purpose technology that offers security while providing a seamless user experience. It will also help digital systems & solutions quickly deliver resolutions to customers.

Again, sifting through various policies and regulations in financial organizations acts like a constraint, obstructing customer engagement. The fact is the customers of the modern era are snappy enough to switch banks if they encounter a poor user experience. The situation can also be discouraging if the financial institution cannot provide appropriate security measures. Overall, poor CX and security flaws can damage the organization’s reputation. Therefore, the cloud can be an ideal solution where business stakeholders and technology executives can implement strategic security measures with regulations without compromising the user experience and seamless workflow.

Technical Touchpoints that can Revolutionize Security & CX

Balancing cybersecurity with excellent customer experience is challenging, especially in financial organizations and sectors. However, protecting sensitive information & delivering a seamless experience simultaneously is paramount. That is why financial organizations have started using cloud technology. Other than the cloud, here are some additional strategies enterprises can use to achieve the balance.

 

  • Transparent security measures: Financial organizations should inform customers about the security measures vividly. Customers must know the security technologies & encryption protocols used. It can help build trust among customers.
  • Continuous monitoring: Financial institutions can also employ continuous threat-monitoring tools to keep track of malicious activities. Real-time monitoring can help prevent customers’ monetary assets from reaching into the wrong hands. It can also help resolve customers’ technical queries swiftly.
  • Strong authentication: Financial organizations can implement strong yet flexible authentication methods like biometrics, magic links, OTP-based login, or Single Sign-On techniques. They will bring flexibility with better customer experience plus keep customer data secure.
  • Separate customer support for security concerns: Financial organizations can offer responsive customer support to solve technical security and digital financial concerns. That way, the organization can address customer issues promptly. It will help boost customer satisfaction while providing immediate solutions to customers’ technical assets.

Conclusion

We hope this article curated a crisp idea of what technologies and strategies can help balance cybersecurity and customer experience in financial services. In this technical landscape, it is evident that financial organisations should secure their digital assets while providing state-of-the-art customer experience.

We have understood that companies use technologies like the cloud & implement strategies like robust authentication, continuous monitoring, and security-oriented customer support in the financial sectors. In addition, they can also leverage vulnerability testing techniques to enhance security in their digital systems. To know more, explore our innovative digital solutions or contact us directly.

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