Whether you think Facebook users don’t understand what information of theirs is subject to disclosure (user’s fault) or Facebook needs to provide more education and acknowledgement of risk to its users (Facebook’s fault), no one can argue it’s been a rocky year for the company as it works to regain user trust.
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In the rush to digitize their businesses and implement advanced technologies, financial services firms should take a cautionary tale away from Facebook’s experience. Regardless of how mundane the information may be, clients of financial services firms believe they will have their information protected. This is not just a security or risk management issue – it has become about assuring consumers that the trust they place in their financial services providers is warranted. Once that trust is gone, it’s gone. And you don’t know what you’ve got ’till it’s gone.
Trust must be earned every day, at every touchpoint, and during every transaction in the client experience. If we focus on just technology like artificial intelligence, machine learning, and robotics without adequately addressing the overall client experience that makes consumers feel like they have a relationship with an organization they can trust, we will miss a golden opportunity to truly revolutionize the financial services industry.