In the past, it wasn’t unusual for a customer to stay with one bank their entire lives. An account opened during their school years led to credit cards, home loans, cheque and savings accounts, all the way through to retirement and beyond.
Today, thanks to Open Banking, Australians can pick and choose their bank with freedom and speed that didn’t exist previously.
At the same time, banks are facing increased scrutiny. Gaining and maintaining customer trust must be top priority or customers will look elsewhere.
An important step in this journey is to handle customer information with care and caution. Smart automation technology makes this easier, allowing financial institutions to share customer data between internal and external stakeholders, with the assurance that no private data is put into the wrong hands.
Technology at the Forefront
Redaction is a simple yet overlooked part of data protection and ensures only the required information is visible in documentation entered by customers and handled by banks. This is particularly important for banks when selling parts of their business, such as wealth management companies, which requires the sharing of sensitive consumer information with another party. But even in day-to-day operations, there are many situations that necessitate the sharing of customer or employee data between different departments.
Automated redaction technology is a powerful tool in keeping customer information safe and secure during this process. Solutions such as Kofax TotalAgility efficiently search for specific criteria and redact pertinent information based on customer requirements. Data such as tax file numbers, credit card numbers, addresses and even asset details can be found and secured automatically.
Without automation, redaction is often applied haphazardly. Common mistakes include using simple PDF mark-up tools to draw boxes over text or changing font colours to remove text, both of which can be easily reversed and may still leave the data vulnerable to search engine indexing if the document is online.
Automation means documents can be redacted prior to printing, so no private data falls into the wrong hands at a shared office printer. Machine learning and artificial intelligence improve performance of the solution over time and prompt users to view and eliminate document metadata, ensuring a thoroughly redacted and clean document.
Benefits for Bank and Customer
The adoption of automated redaction technology has benefits for both banks and their customers. Primarily, it ensures the privacy and security of customer data and documents so no sensitive information is exposed in the public space or accidentally shared internally.
This is also critical for maintaining your business reputation. All it takes is one data breach of confidential customer information to destroy years of hard work building trust.
Automating the redaction process also means there’s no need for staff to spend time on this tedious but necessary task. You’ll save the time and cost associated with doing this manually, and can engage employees with more creative, fulfilling and strategic work.
Finally, automation means there’s no requirement to outsource redaction. There’s less manual handling and information can stay within Australian borders, reducing offshore security risks.
Securing Customers’ Trust
Thanks to the digitisation of information, the volume of customer information banks hold is growing by the day. Automated redaction software secures customer data in an increasingly unsecure world, it streamlines an important but time-intensive process, and it frees up resources to be better used elsewhere. A fully scalable solution, redaction works on 50 or 50 million documents.
Most importantly, it differentiates you from the competition and builds trust with your current and future customers.