Data of all sorts is growing at an explosive rate. Billions of gigabytes are generated every day, and it’s getting worse.
The sheer amount of it is staggering. Data comes from smart phone apps, the Internet of Things, public websites, social media, smart appliances and more. It’s projected that five years from now, data generation will skyrocket to about 460 billion gigabytes per day!
Holy cow, that’s a lot of data!
With all that data floating around, individual privacy is at greater risk than ever. Personal concerns are elevated, especially because of frequent news of data breaches and irresponsible security practices. In today’s data-explosive world, it’s crucial for credit union managers like you to pay special attention to how you maintain your members’ data privacy.
Your members routinely view your credit union as an organization they can trust to keep their personal financial data secure. They’re inclined to trust you far more than an average business in terms of your commitment to ensure the security of their personal information.
This high degree of member trust is a big responsibility. Simply put, you need to reinforce member beliefs that you’re trustworthy, you follow rules and procedures, and you protect the privacy of their personal data.
Here are three things you can do to help reinforce this belief among members.
Make data transparency a priority
Be open about how you store and use member data. Make it easy for them to change status or remove themselves from a database. It’s all part of a larger effort to show members you’re serious about respectful handling of their personal data.
Transfer data power to members
Having robust privacy technology in place should be a given. But, this by itself will not increase member confidence. It’s better to provide members with control over their personal data through an intuitive portal. Ideally, members should be able to define who it can be shared with. They should be able to see their data and make changes as required.
Show your members you’re worthy of greater trust
Increasing member awareness is a great place for you to start. Let them know what you’re doing to protect their data. Right now, thanks to the impacts of COVID-19, it’s especially important to inform members about you how you collect, use, and protect financial data.
You deliver a tangible benefit when you reinforce members’ perception that your credit union is a safe, trustworthy institution. Remind them that one of the best data privacy steps to take is a simple and secure digital way for them to positively identify themselves.
Digital privacy technology is the key
When you adopt sophisticated privacy technology, it shows your members you’re willing to apply current tools to help keep their identity secure and their financial data private. In other words, they’ll see you’re doing all you can to ensure secure authentication and identity accuracy.
The privacy technology delivered by MemberPass gives members physical credentials like they already have. Except in this case, no one else can see them, change them or take them away.
Learn more about how you can use privacy technology to build greater digital trust between you and your members