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Aspect Calls for Open Lines of Communication

December 07, 2017

It seems every day we are reminded of the growing threat of data breaches, ransomware and the like. Headlines bombard us in regard to cyber-attacks, and while these come at an alarming rate it appears that banks and financial services firms are not properly communicating all of these nefarious acts. With customer protection front of mind, it is mission critical to get ahead of this issue, and open lines of communication.


Megan Butler, a Director at the Financial Conduct Authority (FCA) while speaking at the ICI Conference earlier this week proclaimed that far too many financial services firms and banks across the pond are not reporting all successful cyber-attacks. Slightly scary? Just a bit.

Customer engagement experts Aspect Software in efforts to get ahead of the matter are calling to alleviate the threat of cyber crime via open lines of communications. The numbers tell the tale. Per the FCA, in 2014 five cyber-attacks occurred. Last year, this number reached 49.

Keiron Dailton Global Program Senior Director for Aspect Verify, explains, “Both financial institutions and the authorities need to work together and be more proactive in protecting their customers’ data and money, and work on the relationships they share as they tackle this growing issue. In the case of the banking industry this is critical, especially as fraudsters tend to follow the channels of adoption, as they are following the money. In January, the first Open Banking standard will go live in the UK to increase competition between banks by leveraging customer data. So, if we can be open to improve business and boost savings for customers, why is the industry not doing the same to improve security for the public’s money?”

This is the holiday shopping season, millions of financial transactions take place on a daily basis, so shouldn’t securing these processes be front of mind? And, not just securing, but doing so in a proactive, transparent way? In our data-driven world – from the c-suite to the contact center – these nuggets are the most valuable commodity. Protect your customers, and they will be loyal. Don’t, and well, I think you know how that story ends.

How does your business protect customer data?




Edited by Mandi Nowitz

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