What’s Trust Got To Do With It?

Retail Financial Services

07 October 2021

Bank and Brand Distribution of Retail Financial ServicesClientClient ExperienceCommunicationCustomerCyber CrimeDigital platformDigital SolutionsDigitalisationLegacy ProductsLegacy SystemsMeeting of MindsRegulatorsRegulatory IssuesRelationshipsRetail Financial ServicesSecure Digital EnvironmentSecuritySecuritySustainable SolutionsTrustYour clients

Expert: Chris Ansara, ALT/AVE, Facilitator: John Chapman, Orion Consultancy

Key Takeaways:

1. The regulators require that regulated organisations use a durable medium when communicating with clients. Organisations currently use the following in communicating with clients:

  • Paper
  • PDF attachments
  • Body of Email
  • Tablet or Mobile App and Secure websites

A reg tech solution such as Docstribute can provide a secure environment that can give providers and clients alike, confidence in the security of their communications.

2. Careful thought has to be given around the communication preferences of various client cohort.

3. Digital solutions such as Docstribute provide a robust, military grade secure solution.


The regulators require that regulated organisations use a durable medium when communicating with clients. The 'Durable medium' rule is mentioned over 100 times in the various rule books. Traditional methods of communication are still valid but inefficient and not climate friendly and a secure digital environment is required to provide sustainable solution that embeds trust into the client relationship.

Key Takeaways in more detail:

4. Secure communication

Secure methods of communication to distribute client communications can help to develop trust in your service. Typical documents that require secure communications are:

  • Terms and Conditions
  • Notice of Variation
  • Statements

Legacy systems can provide an obstacle in digitising comms and there is no doubt that new providers, offering purely online/digital products have an advantage in this arena.

5. Client communication preferences

Communicating digitally with an elderly client cohort is a challenge and is particularly pertinent to the Building Society sector, where customers see the traditional passbook as their security and badge of honour. Passbooks are linked to trust – it’s tangible. For elderly customers letting go of the physical thing and moving to a digital world is a huge challenge.

However, Building Societies are having great success with launching new products which are purely digital and older clients are taking up these services. Covid and particular post-Covid travel has shown how clients of all ages embrace technology when they have to.

The continuing problem is legacy products.

Educating clients and how easy digital technologies are to use and Covid has seen the re-birth and outstanding success of the QR code.

6. Docstribute digital solution

Trust and cyber-crime are key issues for the industry and by using a communication solution such as Docstribute, it can help to engender trust in the whole service being provided.

The service is an excellent example of how technology provides a solution to a regulatory issue.