It’s a tricky time to be a bank. Financial institutions are facing a tough economic and political climate as well as a fast-changing regulatory landscape. On top of all that, consumer confidence is low.
A recent survey asked which industry sector respondents thought was the most trustworthy, and only one in ten said financial services, which came behind healthcare (26%) and charity (14%).
Yet when the same respondents asked which industry sector they trust the most when it comes to their personal data, it was a different story. 68% of British consumers trust banks to keep their data safe; far more than other industry sectors like retailers (15%) and charities (9%).
While the results may seem contradictory, the survey shows that maintaining this level of trust should be a priority moving forward, particularly as the value of customer data continues to rise.
With Dutch regulators recently clearing Amazon Web Services for use in the country’s financial sector, does the cloud becoming more common threaten to damage this high level of consumer confidence when it comes to their personal data? The risk is certainly there, so it’s important for banks to ensure that they are bearing security in mind when they approach these cloud services.
For example, we offer AWS Direct Connect from all of our European data centres. This allows customers to establish private connectivity between the AWS platform in the cloud and their existing dedicated IT infrastructure, which can reduce network costs, increase bandwidth throughput, and provide a more consistent network experience than Internet-based connections. This service is particularly attractive to customers that need to satisfy regulatory requirements by using private network connections. This can also help to set consumers’ minds at ease.
In addition, it’s crucial to choose a data centre that provides the reliable and secure environment you need to stay agile and to keep your data safe, including:
- Comprehensive options for connectivity, power, cooling, backup, fire and water detection
- Multi-layer security to protect the integrity of your data
- Stringent SLAs for 99.999%
- Certification including ISO 27001 and BS25999
If banks are to reap the rewards of all the consumer data that they hold then it’s crucial to maintain consumer trust, particularly as data security is an issue that continues to hit the headlines. While it’s great to see banks coming out on top when it comes to consumer trust around their personal data, financial services organisations need to proactively communicate the stringent measures they have in place to keep customer data safe, or risk losing out.