This paper presents the business case for secure messaging, which extends far beyond compliance issues. In fact, choices about when to implement secure messaging affect every aspect of banking.
Secure Messaging
in the Banking Industry
The Business CaseWhite Paper
1875 S. Grant Street, 10th Fl. | San Mateo, CA 94402 | (800) 475-8226 | www.sigaba.comSIGABA | WHITE PAPER | SECURE MESSAGING IN THE BANKING INDUSTRY: THE BUSINESS CASE | TABLE OF CONTENTS
Secure Messaging in the Banking Industry:
The Business Case
Secure Messaging: a Strategic Issue 3
Customer Service 3
Marketing 4
Lending 5
Operations and ROI 5
Security: Regulatory Compliance and Risk Management 6
Technology Issues 6
Summary 7
All information in this document is subject to change without notice. This document is provided for informational purposes only and Sigaba® makes no warranties, either express or implied, in this document.SIGABA | WHITE PAPER | SECURE MESSAGING IN THE BANKING INDUSTRY: THE BUSINESS CASE | PAGE 3
SECURE MESSAGING: A STRATEGIC ISSUE opportunities available to a ?nancial institution. The most E-mail has become the primary mode of business obvious opportunity is electronic delivery of noti?cations communication worldwide, but banks and other ?nancial such as statements, buy and sell con?rmations and the institutions have been limited in their ability to adopt it like. In this area, reduced printing and mailing alone can due to the sensitive nature of ?nancial communications, often justify the cost of secure messaging technology.and the need to protect themselves and their customers The point is that secure messaging is a strategic issue from theft. Secure messaging - which encompasses that merits the attention of senior management. Below instant messaging (IM) and live chat as well as e-mail are some of the areas where secure messaging has - removes these limits, giving banks that have adopted an impact. secure messaging a huge business advantage. CUSTOMER SERVICEThis paper presents the business case for secure In the area of customer service, secure messaging messaging, which extends far beyond compliance provides a clear competitive advantage because it enables issues. In fact, choices about when to implement secure a bank to communicate time-sensitive information messaging affect every aspect of banking. Banks that instantaneously, provides a simple response mechanism move quickly and aggressively to implement secure and, most important of all, presents information actively messaging - particularly secure e-mail - will have a - like a telephone call - rather than passively - like a powerful competitive advantage over those who don't. web site.E-mail has become so common that there is a tendency Exception item processing is a typical time-sensitive to forget the features that have caused it to dominate process where secure e-mail vastly improves customer business communication in the ?rst place: service. Non-suf?cient funds noti?cation is a good . Speed example. In a print-and-mail system, customers . Convenience receive noti?cation of non-suf?cient funds well after . A written record the fact. The message is either, "We paid your check When the use of e-mail is constrained due to security (and charged you $25.00!)" or "We returned your concerns, bank employees typically react in two ways: check," in which case the customer has to deal with the They use it anyway, opening the bank to substantial unpleasant consequences. risks, including ?nes and lawsuits, or they simply work In contrast, with a secure e-mail system, customers less ef?ciently, subjecting themselves and the bank's receive noti?cation in time to react - by making a customers to signi?cant inconveniences. The lack of deposit, transferring funds from a different account or secure e-mail also takes away one of the most successful in some other way resolving the problem. Rather than marketing tactics to emerge in recent years. While e- being told what happened after the fact, the customer mail marketing is often associated in people's minds is presented with options.with unwanted spam, the fact is that hundreds of Furthermore, these options can be presented - and acted highly-respected companies use opt-in e-mail marketing upon - via the e-mail noti?cation itself. For example, with great success to inform existing customers of new a customer can be offered the option of automatic products, special offers and the like. funds transfers from a linked account to cover potential On a broader scale, ... [download for more]
