From traditional email and client portals to paper-based correspondence, the quest for the perfect blend of convenience and security is ongoing for financial institutions.
However, this is no simple feat, particularly when standard communication tools fall short in providing the necessary security and controls. Rather than introducing yet another new solution to an already bloated tech stack, smart digital leaders are instead evaluating their existing solutions; if it’s not broke, don’t fix it, comes to mind. And never is this more true than with the king of comms that is email.
However, while email has proven to stand the test of time in the sense that it is universal, user-friendly, and cheap, in today’s digital landscape, it does fall short on a security front. This is where the concept of enhanced email comes into play, revolutionizing client engagement and safeguarding your reputation.
How do you engage with clients?
Financial organizations have traditionally relied on a mix of email, client portals, and paper-based communications for their day-to-day interactions with clients. Each method comes with its own set of advantages and drawbacks.
Email, for instance, is universally used due to its convenience and simplicity, but it notoriously lacks robust security measures. Client portals might offer a more secure environment and provide a better overview for all relevant client related information, but are not suitable for all types of communication. For example, with different companies or different types of stakeholders, portals aren’t accessible or practical. In addition, they can be cumbersome for users to navigate, leading to poor engagement. Meanwhile, paper and print, although perceived as more secure, is inefficient and costly.
The pitfalls of communication tools
Above all else, when it comes to sharing sensitive information, security must be the priority.
Financial organizations deal with sensitive information daily, and email’s lack of encryption and data controls can lead to data breaches, compromising client confidentiality and trust.
Second to compliance is user-experience, particularly for employees. Email has a number of limitations in terms of functionality, such as file size restrictions and the inability to obtain secure, verifiable signatures electronically. This inefficiency can hinder productivity and prompt organizations to resort to outdated methods such as faxing, signed post, or courier services.
Email compliance software for the finance sector
Rather than accepting the limitations of email, financial institutions can enhance existing email clients, such as Outlook and M365, with advanced security tools that balance ease of use and fortified security. For stakeholders outside of the organization, the experience remains as straightforward as traditional email, but with the added assurance of encryption and privacy. This not only enhances trust but also encourages engagement, knowing their sensitive financial information is handled with utmost care.
For staff, enhanced email is a boon for productivity. It eliminates the need for auxiliary communication methods by enabling large file transfers, secure document signing, and comprehensive compliance controls within the email platform itself.
This modernization of email communication eradicates the need for fax machines, reduces the reliance on physical document signing, and streamlines operations, allowing financial organizations to focus on what they do best – managing finances and fostering client relationships.
A strategic move towards email security
As financial organizations navigate the complexities of digital client engagement and evolving regulatory demands, the adoption of enhanced email not only addresses the critical need for security and compliance in financial communications but also significantly improves user experience for both clients and staff.
Find out how we’re empowering financial professionals to engage with clients securely, without complicating workflows. Book a demo to speak with an email security expert to learn more.
