Banking Innovation Leader Guarantees Customer Information is Private and Safe

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.

But all those new social media and mobile banking technologies are only valuable if you’ve successfully managed to drive customer adoption and reward them for using those services on regular basis.

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.

In your opinion, how successful in driving customer trust could educational video content like CommonWealth Bank’s videos on innovation and customer privacy prove to be?

First and foremost, it’s important to seed those videos (with a focus on quality, not volume) and make sure your banking customers are aware of their existence and ideally have a clear incentive to watch them.

I invite you to join the conversation on customer privacy and the banking innovation challenge here, on twitter or on google+.