Banks and credit unions vie for customers' loyalty with an increasing focus on service levels, technology, and convenience. What else is key to their success? As a recent Forbes article pointed out, "one of the most important aspects of the customer experience is trust." Businesses – whether in the healthcare, banking or insurance industries, among others – are compelled to pay close attention to how they build trust with customers. Ultimately, trust breeds loyalty and loyalty is something that the industry values highly, especially in light of non-bank competition.
The good news is that financial institutions top the charts in the consumer trust department, according to a recent poll. Indeed Americans have a very high level of faith in banks and credit unions, which makes it incumbent upon industry professionals to take this responsibility seriously, doing everything within their power to keep customers' assets under lock and key. This mandates that FIs be prepared to wage a battle on virtually all fronts, from information protection to check fraud to ATM skimming to in-branch asset security.
Who do Americans trust?
In a 2018 survey conducted by the American Bankers Association, respondents were asked what institutional structures they trusted most to keep their personal information protected. Aside from banks, they considered health care providers, telecom companies, the government or non-bank payment providers, such as PayPal, Venmo or Apple.
"Americans trust banks the most when it comes to security."
At 42%, the overwhelming majority said banks were the ones they could count on the most, the survey found. Approximately 28% said they had no opinion and non-bank payment providers rounded out the top three.
ABA President and CEO Rob Nichols said that based on the survey's results, it's encouraging that so many Americans recognize the lengths to which banks and credit unions go to keep their customers' information and their funds defended.
"Banks continue to invest heavily in keeping data safe and providing an exceptional customer experience, and consumers are taking notice," Nichols explained.
But what about physical security? For the most part, financial institutions have been successful in their asset protection efforts. For instance, according to estimates from the Federal Bureau of Investigation, there were roughly 3,000 robberies in 2018. Much like fatal car accidents, even one of these brazen acts is one too many. However, bank robberies have fallen almost 60% over the last 10 years or so, indicating that banks and credit unions are more successful in their efforts to prevent and deter would-be thieves.
Banks on the front lines
Because there are many different ways in which theft can affect financial institutions, banking professionals must employ all available resources to fend off criminal activities.
For starters, proper employee training can be one of the best deterrents. Good customer service may be one or your most valuable security measures as your front lines can assess threats by immediately connecting with branch visitors and paying attention to their movements. Should things go wrong, having proper protocol in place, in addition to equipment, will help ensure that all remains safe, which is key to trust.
"Vaults, lockers and safes are fundamental to physical security."
Robbery schemes are increasingly sophisticated in nature, yet the trusted tried and true bulwarks – like safe deposit boxes, vaults and lockers – remain fundamental to physical security frameworks. This is reinforced by access control, video surveillance and alarm – all of which combine to create an outer shell of deterrence. Cash recyclers add one more critical layer of protection to in-branch assets.
FIs can't do it all on their own, which is why they partner with law enforcement, security administrators, surveillance and vendor networks, joining forces to help keep customers' valuables out of the wrong hands. Furthermore, institutions must be confident that when problems arise, they'll be able to have them fixed or, if all face fails, replace faulty assets on short notice.
That's where BranchServ has your back. We have the knowledge, capabilities, experience and resources to handle all of your security needs, both electronic and physical. Security is not something that can be put off, and BranchServ is recognized for its industry leading site metrics, including response time. Our Resource Operations Center and Field Service teams stand at the ready to meet your needs. Your customers trust you to be there for them and to preserve their assets; you can trust us to be there for you when it matters the most.
To learn more about how we go above and beyond to keep your customers' assets safe, please contact us to arrange a no obligation demonstration.