Financial Security and Privacy

Empowering Banking Clients with Online Privacy and Security

Highlights: IoT Devices, Custom Solution

“Partnering with PureWL was exactly what our institution needed to show our clients we mean business. By integrating a state-of-the-art VPN into our services, we gave our clients the tools they needed to bolster their online security while carrying out online transactions, thus highlighting our institution as a trendsetter in regards to data privacy and security.”

CEO – Middle Eastern Bank

Quick Introduction

A Middle Eastern bank offers its clients a VPN as a free addon, giving them access to privacy and security while banking online.

This case study will analyze how PureWL helped the banking institution several changes while redefining online banking in terms of security and privacy.

Context and Need for Cybersecurity in Banking

Since online banking security is a must today, the Middle Eastern bank took action instead of preaching to the choir about the importance of online privacy and security. The bank has delivered a one-size-fits-all solution in the form of a premium VPN, since November 2022.

Banking consumers want to protect their identities and finances, for which they need the following important security features as highlighted by the bank’s clients:

65% want security against hackers and third parties.
60% want safety while shopping online.
62% want protection against malware.

Privacy and Security Benefits

Abstract for Online Privacy and Security

Military Grade Encryption

This offering means that all data transmitted between the bank and its clients is secured to the highest standards, making it nearly impossible for unauthorized parties to intercept and decipher sensitive information.

Split Tunneling Feature

Split tunneling allows clients to route some of their online traffic through the VPN, while the rest accesses the internet directly. This feature not only enhances security but also ensures efficiency, as it allows users to access local networks.

VPN Protection with Anonymity

VPN encryption ensures that clients’ online activities and identities remain anonymous and protected. This is particularly valuable for customers who access their bank accounts over public or unsecured networks.

Findings

Clients Will Stick with the Bank

75% of clients stated that the addon increased their loyalty towards the bank.

The Addon Serves as an Attractive Loyalty Program

96% of clients stated that cybersecurity adds immense value to the offerings provided by the bank’s customer loyalty program.

Clients Trust Actions Rather than Words

92% of clients stated they were grateful to the bank for providing internet security to keep them safe and secure online.

Gain a Competitive Advantage

93% of clients stated they got excellent value from the bank due to the VPN solution.

Increased Word-of-mouth

73% of clients stated that they have told their friends or family about the bank and its benefits.

Financial Implications and Return on Investment

Cost-Benefit Analysis

While implementing a VPN might have been a considerable investment initially, the returns in terms of customer retention, loyalty, and new client acquisition have been significant. The bank has managed to earn ten times more than its initial investment, demonstrating the financial viability of investing in cybersecurity.

Risk Mitigation

Providing robust cybersecurity measures significantly reduces the risk of cyberattacks, which can be financially devastating for both the bank and its customers. The cost of mitigating these risks and handling the aftermath of a breach can be substantially higher than the investment in preventive measures.

Reshaping the Banking Landscape

The Middle Eastern bank’s implementation of a VPN highlights the increasing importance of cybersecurity in the banking sector. By proactively addressing the security concerns of its clients, the bank not only enhanced customer trust and loyalty but also established itself as a leader in the digital banking space.

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