Resolving this and other missteps in customer care

A few years into what has become a steady stream of data breaches, complimentary data protection often follows suit. This creates the illusion of protection. But, once you break through the surface of many free offerings, the wrapping is often more appealing than the contents.

From insufficient protection to the magnitude of hoops consumers must jump through to secure their exposed data—the holes in the system are becoming more apparent.

Currently, 50 million individuals in the U.S. are subscribed to complimentary or discounted identity protection services. Subscribers must navigate clunky websites, with minimal guidance and insufficient or ill-suited protection. And consumers are quickly realizing these quick fixes are not worth their time — seen in the four-year low enrollment rate of free or discounted protection. The current enrollment rate sits at just 37.2 percent.

Clearly, consumer trust is already waning from the abundance of data breaches, especially the trust for their financial institution. If a “checking account is compromised, 18.5% of consumers will switch financial institutions,” according to Javelin Strategy & Research.

While all of this adds up to a rather unsettling situation, a window of opportunity does presents itself to your institution — the opportunity to restore customer trust. So get ready to examine your fundamental building blocks to mend industry missteps.

Understanding the basics

Consumers are seeking your money management guidance and assistance with being in control of their finances. A primary factor differentiating you as an expert: your provisions for safety and security, cites the 2015 FIS Consumer Banking PACE Index™. Safe handling of information remains paramount among consumers’ expectations of basic requirements a bank should fulfill, according the FIS PACE Index. Moreover, consumers remain dissatisfied with how their banks’ handle this critical necessity, giving institutions the lowest quality score in this area.

Prove you’re a trusted source

No doubt, data security is always a top priority for your institution. So now you just need to make sure customers recognize this. But how do you engender trust when nearly 13 million U.S. consumers were impacted by fraud in 2014 (according to Javelin Strategy & Research)? You do so by providing real identity crime solutions to safeguard their information with the help of an industry-recognized identity protection partner.

Deliver true value

Let’s take a look at what makes an identity solution worthwhile.

At its core, it must…

  • Be proactive — to put customers ahead of issues, like retail breaches
  • Be realistic — as no service can prevent a breach of information
  • Be responsive to help rectify a situation as quickly as possible and avoid greater financial damage
  • Be comprehensive to address the many sources of fraud and identity theft
  • Be candid so customers know what threats to watch out for
  • Be convenient so consumers can feel secure wherever they go

While the most valuable identity protection service provides all of these components, it must also deliver them effortlessly. Customers expect a seamless digital experience, according to Accenture’s 2014 banking survey. This means services that are easily accessible from any device of a consumer’s choosing. No question, preemptive — not event-driven — services offer the greatest value.

Inform and engage customers

Interacting with customers empowers them to take control of their identity. By offering relevant news and information, you help customers remain aware of fraud-related incidents that may impact them. You can take communication to the next level by providing protection tips and suggestions for proactively reducing fraud and identity theft risks. This combination, both meaningful and engaging, gives consumers the critical communication they seek.

Such robust education is something we at EZShield pride ourselves on delivering. We maintain a levelheaded approach to identity protection that motivates consumers to protect themselves every day. Our partners can connect their customers to our news and tips through our live fraud feed so vital news is relayed directly on your website.

Ready to provide your customers comprehensive identity protection amidst the barrage of inadequate services? Want to grow customer loyalty and revenue opportunities? Learn more about the award-winning, compliance-focused identity protection services you can leverage though a partnership with EZShield.

Start by taking advantage of our latest webinar that reveals critical findings impacting the success of your institution now and into the future.