Creating valuable digital experiences starts with customer trust. This may seem easier said than done but in a world where algorithms are hungry for data, it may not be that hard. Imagine for a moment if you could build trust by simply letting customers choose when to share their data.
That’s why we’re introducing Privacy-First Guided Opt-in to help banks provide their end customers with transparency and confidence over their data. Our new guided opt-in flow is the first touch point that a banking customer has with Flybits Concierge services.
The Privacy-First Guided Opt-in experience walks the end customer through 3 levels of permissions: (1) concierge benefits, (2) location services, and (3) push alerts and reminders.
Each opt-in screen is designed to give customers confidence in how their data is being used in exchange for relevant and personalized services, with the highest levels of privacy.
“Consumer privacy and security are among the most important issues facing financial institutions today, especially as consumers grow increasingly wary of where their data is going and how it’s being used,”
Why is Data Privacy an important issue for Banks today?
Banks’ most important asset is customer trust. Historically, that trust was given to safeguard money. Whether there be economic downturn or cases of fraud, consumers trusted their banks would ensure that money didn’t disappear. Today, the definition of trust has evolved.
Banks need to maintain trust beyond safekeeping money, to safekeeping customer data as well. New financial technology is emerging in the form of fintech apps, challenger banks, and many more. For banks to stay competitive, they need to develop their own digital services, using data as the foundation.
Leading banks have not only recognized this, but they have already started to redefine their role in consumers’ lives. This mindset shift becomes a key element when it comes to new product and service development. To learn more about how this impacts product development, check out How to build products with a Privacy by Design mindset written by Jordanne Pavao, VP of Product. By extending their definition of trust, banks ensure that the next generation who grew up using digital native tools, will still turn to traditional banking institutions first.
Placing security and privacy above all else, Flybits helps financial institutions offer their consumers transparency and peace of mind. With our latest release Privacy-First Guided Opt-in, Flybits has taken another critical step to uphold consumer trust, while keeping up with the fast-paced demand for anticipatory, adaptive, and contextually relevant digital experiences.
Interested in learning how this and other solutions can be implemented at your bank within 90 days? Schedule a demo to chat with our specialists.
Flybits proudly follows privacy preserving guidelines and has for a long time been GDPR compliant.
