Privacy Vulnerable on Private Banking Websites

In total 54.4% of banks offered a web-based contact form for users of their public website.  However, looking on the private banking websites of these banks, we found that more than 60% did not use the secure HTTPS protocol. Even more private banking websites (58.5%) offered one or multiple e-mail addresses to send messages to recipients at the bank. Of these, only a minority of 41.2% made a statement to users about the risk involved in sending simple e-mails. The majority of banks (58.8%) did not give any warning to website users – not even in the privacy policy on their website.

MyPrivateBankingResearch recommends that more than ever banks need to focus very carefully on their online privacy reputation as this is an important asset for building trusting client relationships. Consequently private banks and wealth managers should  make privacy protection on the web a high priority item for the management and offer HTTPS-protected contact forms and explicit data security warnings on all relevant pages of the website. But not only banks and wealth managers have to be more sensitive to the risks of online communication. Users have to be aware that the Internet is an un-policed open space and avoid sending  information via regular e-mail or through web contact forms, except those that are HTTPS protected. By explicitly pointing out the security features of their private banking websites banks will make it easier for users to develop trust and lower the hurdle for online contact.