Is your bank or financial institution considering a website re-platform? Here’s why WordPress should be at the top of your list.
Maybe you are not seeing the performance you’d like out of your current website, or the tools you need for optimizing traffic aren’t already built in, or you are tired of being held hostage by a proprietary CMS. Whatever your reason, it’s time to start planning and making some of the key decisions.
For years, the open source platform of WordPress was thought to be more of a small business solution and that a bank’s website needed a higher-level of security that only a custom coded website or a proprietary CMS could provide. WordPress has come a long way since the days of simple templates. Today it is powerful, secure, compliant, and contains the most modern and powerful marketing tools.
Choose a platform that prioritizes industry standard best practices when it comes to security, reliability, web accessibility, and ongoing support– but also one that empowers YOU as the executive, content editor, IT Manager, or decision maker. WordPress checks all the boxes.
This article is meant to address the common concerns of decision makers at regional banks and credit unions when it comes to the question of whether or not to re-platform with WordPress.
Is WordPress Secure for Banks & Financial Institutions?
Built by an open source community with decades of experience, its passionate contributors are committed to keeping WordPress as stable and secure as possibleWordPress.org
Long story short, yes. WordPress can be made to secure a marketing site for a national bank or credit union just the same as for a small non-profit. WordPress employs a robust security infrastructure that includes features like password strength enforcement, secure login protocols, and two-factor authentication. Roll that in with the added services of regular security audits, malware scanning, and a web application firewall– potential threats are greatly mitigated.
Protection Against Brute Force Attacks
A common trial-and-error approach to busting down digital doors is the process of programmatically attempting to guess login credentials. This is known as a “brute force” attack. The hacker essentially attempts a login with a combination of usernames and passwords until they are successful at gaining entry into a website or online portal. WordPress has implemented measures to counteract such attacks by limiting the number of login attempts from a single IP address, delaying successive login attempts, and implementing CAPTCHA challenges for suspicious login activities. These measures significantly reduce the risk of a successful brute force attack.
Security Plugins & Extensions
Organizations with a more stringent security protocol, such as banks and financial institutions, should implement additional layers of protection by leveraging reputable 3rd party plugins and extensions to help fortify WordPress against automated hacking. Sucuri, Cloudflare and Pingdom are excellent choices when it comes to malware scanning, real-time site monitoring, firewall protection and IP-blocking.
Regular Updates & Vulnerability Patching
While the aforementioned native security features and 3rd party solutions are great, the basics of securing a WordPress website tend to get overlooked. Applying regular software updates to WordPress Core and 3rd party plugins is essential to maintaining both security and performance.
WordPress also has a dedicated team of developers who actively work on identifying and addressing security vulnerabilities. Updates and patches are consistently released to ensure the platform remains secure against emerging and ever-evolving threats. WordPress has been supporting automatic updates for years, but for a higher profile brochure website for a bank or credit union, consider an approach that incorporates manual QA and code deployment.
Following WordPress Security Best Practices
It is important to note that while WordPress offers robust security features, the responsibility for maintaining security also lies with the website owners. Implementing WordPress security best practices such as strong passwords, regular backups secure website hosting, and keeping themes and plugins updated further strengthens the security of WordPress websites.
Does WordPress Meet Regulatory Compliance Standards for Banks & Financial Institutions?
Obviously this is vital for the banking sector. WordPress provides a solid foundation for meeting industry standards by offering tools and plugins designed to assist with compliance requirements, such as GDPR (General Data Protection Regulation) and ADA (Americans with Disabilities Act). These features enable banks to handle customer data responsibly and ensure equal accessibility for all users, meeting regulatory standards.
WordPress’s robust auditing and logging capabilities also play a crucial role in compliance. The CMS maintains detailed logs of activities, including user actions and content changes, making it easier for institutions to track and monitor website activity. Detailed logs help in identifying any suspicious or unauthorized actions, enabling timely response and investigation.
Is WordPress Easy to Use & Update for Non-Techies?
Empowering users is core to the ethos of WordPress. Adding, editing and rearranging content is easier than ever before with the Block editor– and changes happen in real time! For banking professionals, this means effortlessly publishing articles, financial reports, or marketing materials without having to attend a coding bootcamp or pay for a 3rd party developer. The built-in media library and multilingual support further enhance the versatility of WordPress, enabling institutions to deliver personalized experiences and expand their global reach. As they say on wordpress.org, “Dream it, Build it.”
Banks & Financial Institutions With WordPress Websites
There are a diverse range of banks, credit unions and financial institutions that have chosen WordPress as their preferred CMS. As a digital agency that specializes in the financial industry, a substantial number of our clients utilize WordPress as their CMS. These organizations’ websites showcase the adaptability and scalability of WordPress, demonstrating its ability to meet the unique needs and stringent requirements of the financial sector.
So, Is WordPress Good for Banks & Financial Institutions?
Yes, and yes. It’s the most popular CMS for a reason, and we believe it is the ideal solution for banks and financial institutions looking to improve or overhaul their website. The dedication to staying ahead of potential threats ensures a secure environment for managing sensitive financial information, a critical component of selecting a CMS in the banking industry. With a WordPress website, institutions can also offer seamless user experiences and maintain regulatory compliance without compromising on design or functionality. All in all, a WordPress website makes it possible for any organization to confidently establish a digital presence and deliver exceptional online experiences to their customers.