Ideas & musings about consumer behaviour

New Privacy Benchmark highlights privacy challenge for banks

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A pilot study, conducted by Global Reviews, found that many contact centre operators are unaware of the details of the banks’ privacy and security policies and, in 50% of cases, actually advised callers how to breach those policies.

Interestingly, operators appeared more uncomfortable with conversations relating to privacy than general banking enquiries.

In a joint initiative with Information Integrity Solutions (IIS), Global Reviews conducted 160 calls to 8 major banks during the first three weeks of November. Each call was assessed across 25 objective criteria to determine compliance with bank policies, the National Privacy Principles and the customer experience of the call.

In one scenario, our callers sought to access their partner’s account. While no banks allowed callers to access their partner’s account, many advised that if the caller had their partner’s access details, they could transfer money via phone or internet banking. This was a clear contravention of the bank’s privacy and security policies which contact centre operators acknowledged by informing callers that ths was not something they were supposed to do. One major bank discouraged callers from reverting to phone or internet banking in more than 80% of cases while other banks told over two-thirds of callers to access their partner’s account. Only 25% of callers were told legitimate ways to access their partner’s account,such as by being added as a joint account holder.

Next year will see the launch of the full Privacy Benchmark with up to six scenarios and increased call volume.

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