Banks could be the future vault of personal data

By Rebekah Tunstead | 29 October 2019

Consumers may use banks to safely store their personal data in the future, according to Jeremy Balkin, head of innovation at HSBC US.

“In the same way that a bank has traditionally been the protection of peoples’ financial assets, who is to say that a bank in the 21st century won’t be the protection, or the vault for peoples’ personal data assets. I don’t think that is beyond the realm of possibility,” said Balkin at the Money 2020 US conference in Las Vegas this week.

But a survey published by KPMG earlier this year found that 37 percent of consumer respondents globally had their financial information compromised.

And while unlocking the potential benefits of employee data is still being investigated, trust amongst workers in corporate leadership in the US is low, according to Balkin.

“From an employee perspective trust in corporate America - and you can see all the surveys and data over the past decade particularly amongst millennials, particularly since the financial crisis - I don’t think we are in the glory days in trust in leadership in corporate America.

In October 2018, HSBC equipped the staff in its flagship branch in New York with Samsung wearable technology to increase communication between its staff with the aim of enhancing customer experience.

Although there are some reservations about the use of technology to monitor employees, Balkin said the results warrant further research into the utilisation of similar initiatives.

“One of the things we found with the historic data initially with the Samsung wearables is that when you explain to your people how using their attributes can help them do their job more efficiently and serve more customers in less time, make their KPIs faster… we saw stunning results over the six month trial period where there was a 45 percent increase in new account openings for that branch compared to the prior two years for the same period,” said Balkin.

“Then you build even more trust because for the new deployment, when you ask your employees to trial something new, a new pilot or a new innovation, and I think that is priceless, and we need to do more of that at a philosophical level - as leaders in corporate America - what we say we are going to do for our people.”

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