Global News, Analysis & Awards

The Open Banking system was designed to give consumers more control over their financial information and access to a wider range of products and services. However, there have been concerns over the general safety of consumer data as we approach this new banking revolution.

Below are some of these concerns:

• Transition of Data

One of the principle concerns is that the data will be become compromised somewhere in the transition between banks and third party providers.

For most of their history, banks have had complete control and security over the sensitive data that they have been entrusted with and the systems of how they transfer this data.

With the introduction of Open Banking, banks must now open up new communication portals to give TPPs access to their customer account details as these systems have previously never needed to be in place before now. Banks will be interacting with these companies without having a full understanding of their security measures which proposes a new risk of where the data will end up being held.

As a result, banks may be exposed to hundreds of new threats which are outside of their normal areas of control. If these new portals are not completely secure, then they are at risk of being compromised and thousands of customers could have their information stolen by various fraudsters and criminals.

To ensure that these communication portals are secure and any data intercepted will not be exploitable, advanced encryption methods should…

Atul Dixit, CEO, Prudential Finance, speaks with Global Banking and Finance Review on The Best Consumer Finance Company for Customer Service, Vietnam 2018.

What particular highlights are you proud of?

The award recognizes Prudential Finance’s high standards of customer experience and best-in-class services which are embedded in various initiatives launched last year to optimize the company’s resources and infrastructure.

We were commended for understanding the value that customer experience has on building the Brand’s positive reputation and, ultimately, the difference it makes to our business success and customer success.

How did it feel for being the best consumer finance company for customer service, Vietnam 2018?

We are honored to be named The Best Consumer Finance Company for Customer Service of the Year 2018. This award highlights our long-term commitment to building a culture of providing excellent service to our customers throughout their journey with Prudential Finance. Driving customer satisfaction and delivering impactful customer experience are core to our continued business success. The new digital era has changed the way we communicate with each other; however Prudential Finance takes it as an opportunity and a priority to innovate in order to meet the fast changing needs of our over 500,000 Vietnamese customers.

Tell us how you’ve approached change?

2017 was a turning point for Prudential Finance in terms of customer…