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While attending a digital banking conference last fall, I was reminded by one of the presenters that the voice of the customer needs to be front and center when identifying the value proposition for digital banking solutions. It seemed like such a simple concept, but as I reflected on the commentary, I realized that as providers of financial products and services we sacrifice functionality by assuming that we know what the customer wants from a financial institution, rather than taking the time to ask.
In 2019,my team surveyed South State Bank’s Treasury Management customer base. The team’s objective was to not only measure customer satisfaction with South State, including its Treasury Management solutions and its solution delivery model, but also to learn what pressing concerns were on the minds of these business owners. From the survey, we learned that one in five survey respondents had experienced business account fraud in the past and experiencing a “data breach” was determined to be the customers’ primary concern.
"Through the bank’s new and highly secure commercial online banking and Treasury Management platform, Treasury Navigator®, South State offers a unique browsing portal that is a single sign-on gateway to all of its Treasury Management solutions "
With cyber fraud and financial risk in the news almost every day, it is no wonder that South State’s Treasury Management customers find cybersecurity to be top of mind. As a result of listening to the voice of our customers, South State has made significant investments to upgrade the bank’s Treasury Management platform in order to address these financial risk concerns. In doing so, the bank is now able to provide solutions that meet customer concerns beyond traditional financial information reporting and financial supply chain management needs, typically addressed with Treasury Management products.
Through the bank’s new and highly secure commercial online banking and Treasury Management platform,Treasury Navigator®, South State offers a unique browsing portal that is a single sign-on gateway to all of its Treasury Management solutions. Treasury Navigator®is truly unique as the bank’s commercial and business customers do not access the platform from the bank’s website. Instead, Treasury Management Client Support at South State assists the customer with the installation of the Treasury Navigator® Secure Browser onto the user’s desktop and with downloading the mobile and tablet app versions of the software. Utilizing single sign-on into the ancillary Treasury Management products reduces the number of user names and passwords a customer has to manage and protect.
South State Bank’s Treasury Navigator® Secure Browser runs independently of other applications on the user’s computer and limits browser activity to sites that only the user is entitled by the bank to access, such as Bill Pay and the lockbox remittance portal. By limiting browser destinations, Treasury Navigator® provides the customer with a layer of risk protection that helps deter potential malware incursion. The Secure Browser also utilizes a number of anti-hacking features, further mitigating financial fraud activity, including multi-factor authentication, keyboard encryption, and perishable passcodes to minimize credential theft. Treasury Navigator® mobile and tablet apps provide the customer with secure and convenient access to their Treasury Management solutions when working remotely or away from the office.
Beyond the browser, Treasury Navigator® assists customers in mitigating the risk of fraud through customizable user access and controls. By differentiating the online browsing experience for the Treasury Management user and providing multiple layers of financial risk management protection through Treasury Navigator®, South State is able to provide customers solutions that reach beyond traditional transaction management and cash flow optimization.
In addition to the robust functionality of the Treasury Navigator® software, South State offers all of the solutions Treasury Management customers have come to expect, such as positive pay products that ensure only valid, client-issued checks or ACH transactions post to their designated payment accounts and sweep accounts that consolidate funds for more-efficient investment or debt reduction. With a focus on financial risk mitigation, the Treasury Management team has also been able to broaden its prospective customer base. No longer is the business owner or office of the CFO the only stakeholder when it comes to Treasury Management. Aiming to reduce cyber fraud, South State‘s Treasury Management solutions are the subject of conversations with CIOs and IT professionals who are equally as eager to bring these cyber benefits to bear for their organizations.
Designing digital banking solutions, especially for Treasury Management customers, who have significant sums at stake and sophisticated needs, has to start with the voice of the customer in mind. Guided by relationships with their customers, Treasury Management, Cybersecurity and Technology experts must partner to develop solutions that provide high levels of security and flexibility, empowering customers to operate their businesses with peace of mind.