In an age where digital interactions dominate, financial firms need to take a ‘cradle to grave’ approach with customers to build lasting trust, according to a panellist at Money 20/20 Asia.
Speaking on the ‘Building Digital Trust with Modern Identity Security and Orchestration’ panel, Natalie Reed, director of cyber and technology at Deloitte Australia highlighted that trust associated with a financial firm is the most important thing for a customer.
While banks are investing heavily in fraud prevention, Reed noted that customers are less concerned with the underlying systems, they simply want to feel secure and trust their bank
She said: “They don’t think about the mathematical equations, they think about ‘Am I safe when dealing with my bank?”
She added that genuinely protecting customers is critical, as even a single instance of fraud can severely damage trust and trigger a broader loss of confidence in the organisation, ultimately harming the brand’s reputation.
Pepijn Kok, head of cybersecurity at AIS, noted that fostering trust with customers has become more difficult in an increasingly digital age due to the lack of physical interactions.
“In the past, when you were dealing with people, it was always face-to-face. If you went to a shop, you knew the shop owner or you’d see the product and know it. Now everything is done online.”
To address this issue, Reed recommended that firms adopt a ‘cradle to the grave’ approach with their customers, building meaningful relationships from day one to strengthen customer trust.
“You onboard them, you know who they are through their life. You build a relationship with them. You should be able to orchestrate trust throughout that journey,” she said.