Do you make it convenient for customers and non-customers to send documents to you securely? Most Financial Institutions think they do and give themselves an “A.” Yet when those same processes are graded from the digital consumer’s perspective, they get an “F.”

Last week, I had to reach out to a very large ($8+ billion) financial institution I am not a current customer of. I was doing so as the executor of my cousin’s estate. Long story short, I had to send some personal documentation that we would all agree should not be sent as an attachment in an email. But that’s exactly how the representative instructed me at the financial institution to send the documents. I’ve been in the secure document delivery biz for over 25 years and know better than that. So,

Attempt #1: I added the docs to my secure digital vault, told them I would send a secure ShareLink to the folder, and gave them the password. A short while later, I received an email that said, “We don’t accept ShareLinks. Please send a PDF”.

Attempt #2: I encrypted the document with the PII and sent it again as an attachment. I received an email that said, “We don’t open encrypted documents.”

Attempt #3: I asked how to get them the document and was told to come by a branch and drop it off.

Attempt #4: I asked if they could receive confidential information online. The response was, ‘No, our customers either use mail or drop at a branch.” Snail mail was the only option since I am almost 3,000 miles away.

Convenience and security are not mutually exclusive.

Suffice it to say I will close the account rather than do business via snail mail. This encounter got me thinking; I wonder how many financial institutions make it difficult to do business with them. Would you make four attempts to do business with your financial institution?

I completely understand and applaud financial institutions for taking the necessary precautions to protect their organization. However, there are ways to do business electronically that protect the organization and make it convenient for digital customers.

Your organization’s future depends on how well it can conduct business the way the consumer wants, not the way the organization wants.

There are too many banking choices available to digital consumers. Banks and Credit Unions must adapt or go the way of Savings and Loans.

Financial Institutions can have both!

At Virtual StrongBox, we understand that your number one concern is security. That’s why we created a way for you to do business with your digital customers the way THEY want to do business while maintaining the security required to ensure the safety of YOUR financial institution.

Your digital vault platform has at least three ways digital consumers can get documents to you:

  • The new “Send to Org” feature is included in all versions;
  • Creating a secure upload folder that scans each file for malware and restricts unwanted file types;
  • Having the customer place the document in their digital vault and send a ShareLink with a pin and
  • The vault-to-vault exchange feature is in the premium version.

Please feel free to contact us to learn more.