Big data, PFM and social media each present an immense opportunity to better target, empower and serve banking customers. CommonWealth Bank guarantees customer privacy and safety of personal information.
A couple of days ago, I came across this 5-video series on innovation and customer privacy on the CommonWealth Bank of Australia YouTube channel.
In the last three years, CBA aka CommBank established itself as one of the most innovative banks globally in the digital space with industry leading initiatives in the areas of real-time banking, Facebook payments, big data and even crowdsourcing.
Two key reasons of failure are the lack of awareness and understanding, and the fear and security concerns.
With this video series, by educating their banking customers CBA is aiming to gain customer trust and convince them that those new services are totally secure with no risk of personal data being leaked or compromised, even when the bank shares customer information with third parties.
The bank also highlight the importance of collecting, storing and leveraging customer data to provide better, more customized services.