Today’s credit unions find themselves at a crossroad: Stay the course with outdated and incomplete data security methods, or move ahead with a strategy built around member trust?
The future of your business may very well be at stake.
In 2019, for the first time, credit union member satisfaction lagged behind that of bank customers, according to the American Customer Satisfaction Index. The differentiated service that once set credit unions apart is losing its distinction in the eyes of many members.
How can credit unions reverse this trend and move back to the front of the pack? By making trust a key part of their value propositions. More than ever before, this means vigilantly identifying, classifying, and protecting sensitive member data.
In 2019, almost 1,500 data breaches were reported in the United States. Meanwhile it’s estimated that nearly three out of four breaches are financially motivated. If credit unions do not take active steps to identify and mitigate risk points, they are in danger of becoming targets.
If you’ve ever left a credit card sitting somewhere in public, you know the stress it induces. And yet too many financial institutions are basically doing the same by leaving sensitive member data unattended in various places. What’s worse: they’re not aware of it, so they can’t do the equivalent of calling their bank to cancel the card.
There are clear and straightforward actions a credit union can take to mitigate risks and give members the data security they expect and deserve. The most critical necessity is to gain a clear and comprehensive view of your data — ALL of your data, wherever it may live (often outside of plain sight).
This undertaking doesn’t need to be overly complex. Our new guide provides a simple five-step process for getting your credit union’s data protection strategy up to speed.
A Five-Step Roadmap for Credit Union Data Protection:
Inside, you will find practical tips and takeaways for each of these key initiatives. With the right technology tools and processes in place, credit unions have an opportunity to turn member data security and protection into a competitive advantage.
Ready to fortify your credit union’s data protection strategy and forge a future built on trust? Download the Spirion Five-Step Roadmap guide and learn how.