Mar. 04, 2010
The majority of Private Banks and Wealth Managers worldwide show little regard for the protection of personal data on their public websites. MyPrivateBanking Research surveyed 195 websites in the 17 most important banking markets and found that 61 percent of the banks do not offer secure Web messaging. Almost as high, at 59 percent, is the proportion that do not give privacy warnings to users of their website about sending unprotected e-mails to recipients at the bank.
Overall, the research showed that online communication is of increasing importance to Private Banks and Wealth Managers and offered by the vast majority of the providers. Of the surveyed banks only 10 percent offer telephone numbers as the sole means of contact, while 35 percent offer e-mail contacts, 31.3 percent have a contact form and 23 percent offer both means of online contact.
| No Secure Contact Form
|| 65 out of 106
| No Privacy Warning on E-Mail Security
|| 67 out 0f 104
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.