Unravelling the Data Dilemma: Balancing Cybersecurity and Customer Experience in Financial Services

In an age where data reigns supreme, the financial services industry finds itself at the heart of a digital transformation. Meaning that the sheer volume of data coursing through each organisation, even just their contact centre, is often hard to grasp.  

In more recent months, conversations around ChatGPT and generative AI have brought the potential of the technology for customer service into the spotlight. However, it also quickly sparked questions and concerns around the potential security risks.  

As the year comes to a close, the number of cyber security breaches reported to the Information Commissioners Office (ICO) by UK financial services firms increased threefold compared to the previous year. So, in the face of this digital battleground, the sector is confronted with a formidable challenge: preserving data integrity while providing a smooth and outstanding customer experience (CX).  

As it has become clear that strong data security and exceptional CX are not optional but rather essential, many financial services organisations were left to start the journey of ensuring the balance of the two. 

CX and the Data Security Waltz in the Cloud 

There is no disputing that highly sensitive customer data, as an organisation’s most valuable asset, should be protected. Yet, there are multiple factors, such as poorly configured platforms or a lack of training for contact centre agents around security, which could result in security gaps that could make data vulnerable.  

Often, security comes at the cost of CX, resulting in a drop in quality when security measures inadvertently hinder agents from delivering top-tier customer service. This is only further exacerbated in organisations still reliant on legacy systems that compartmentalise data, rendering it less accessible when required. As a result, picking one over the other often misses the point. In an ideal world, financial services organisations would safeguard their data in complete alignment with their customer retention goals. So, how do organisations get there?  

The answer lies in ‘the cloud’. By harnessing its accessibility and automation benefits, an organisation’s data is kept in one place and security is inherently baked into the infrastructure. This empowers contact centre agents to provide customer service that is not only exceptional but also secure. By using unique logins to the cloud services, each agent and employee should have access to all the relevant data to provide the ultimate level of customer service, both in quality and security.  

Data: The Flow Must Go On 

Yet, the quest for quality CX is an ever-evolving journey. So, where does this leave the continuous flow of newly captured data? Especially when the security of customer service and conversations is paramount - given that each new customer interaction can deliver fresh data points, often of a personal and confidential nature. 

In short, keeping pace with the latest advancements in CX technology is pivotal. The collaboration between Artificial Intelligence (AI) and Interactive Voice Response (IVR) is instrumental in tailoring data transfers to meet the caller's unique requirements, with a specific emphasis on securing payment details. When integrated with a cloud-based solution, it can help safely migrate data and quickly detect any data leaks in transit. 

Nevertheless, it is equally important to restrict access to sensitive data to only those employees who need it, implementing tracking systems to monitor activity. In addition, some financial services organisations are considering doing continuous vulnerability scans and early vulnerability detection to further protect their data. 

In this dynamic landscape, the power of data is being harnessed like never before. Organisations can indeed strike the perfect balance, ensuring their data is not just a commodity but a secure source of potential to elevate the customer experience.