{"id":4852,"date":"2020-11-03T10:00:00","date_gmt":"2020-11-03T10:00:00","guid":{"rendered":"https:\/\/emoneyadvisor.com\/blog\/how-promoting-data-governance-and-security-will-increase-engagement\/"},"modified":"2021-07-21T18:58:25","modified_gmt":"2021-07-21T18:58:25","slug":"how-promoting-data-governance-and-security-will-increase-engagement-2","status":"publish","type":"thought_leadership","link":"https:\/\/emoneyadvisor.com\/blog\/how-promoting-data-governance-and-security-will-increase-engagement-2\/","title":{"rendered":"How Promoting Data Governance and Security Will Increase Engagement"},"content":{"rendered":"

With social distancing being the new normal for the foreseeable future, more and more of us are connecting digitally. And whether it’s video calls with friends and family or online food takeout, it seems use of digital tools is inevitable.<\/p>\n

For financial professionals, this environment accelerates the need for digitizing client-facing tools such as client reporting, document sharing, and video conferencing. And as more firms move towards digitizing the client experience, it’s important to proactively address any concerns clients may have. An essential piece to supporting and serving clients is data collection and information exchange, but clients may understandably be sensitive to how their data is used\u2014perhaps more so in a remote or digital exchange.<\/p>\n

Data governance for financial institutions and the larger financial services industry is paramount. A client’s financial picture relative to household assets, income, savings, and spending, is only as accurate as the data collection that goes into it. Financial data aggregation<\/a>\u00a0involves gathering data from disparate sources and presenting it in a single, comprehensive view. The power of data aggregation lies in the fact that end-clients gain a complete view of their financial situation, and their financial professionals can serve them more holistically.<\/p>\n

Don’t Wait for the Moment\u2014Create It<\/h2>\n

Promoting data governance and security shows clients you care about their sensitive data. Nearly every client you work with may have concerns about their privacy and data governance, so the best approach is to be ready to talk about it.<\/p>\n

Being transparent can help build the relationship, so address it before even being asked. And while attention to data governance and security protects your clients’ overall financial well-being, it also protects your firm’s business continuity and risk management.<\/p>\n

Your Data Governance and Security Checklist<\/h2>\n

Security should be top of mind throughout every planning engagement. Here are three essential areas where you can start promoting security in the planning process:<\/p>\n