Customers of financial institutions expect all of the latest digital innovations to be integrated into the products and services offered to them, but these enhancements can introduce new and more dangerous cyber threats to the sanctity of their personal data. Never before has combining effective cybersecurity, ever ready to confront today’s emerging risks, with rapidly changing technological improvements been more critical.
Traditional banks have a long history, which is good and bad—good because of well-established customer relationships; bad due to cumbersome legacy systems, some created in the days of analog, that struggle to adapt to the rapidly changing demands of the digital age. Like it or not, to keep up with customers and competitors, most banks have a lot more ground to cover.
Increasingly banks are moving from a defensive “shield” position toward automation to a more aggressive “sword” stance, using the powerful advantage they have as keepers of historical customer data to not only meet expressed client needs but predict future behavior.
The digital transformation of society as a whole has changed the expectations of customer services within the financial services sector. As a result, retail banking operations face testing times as the industry goes through significant and rapid modernisation.
When I started my working life in a city centre branch in the early 90’s, the branch staff intimately knew the life stories of virtually everyone who walked through the door.
Why KYC Regulations, Client Onboarding and Digital Transformation Are Driving Banks to Invest in Technology
Thanks to the “Uber Effect”, traditional retail banks through to corporate and investment banks today are facing a number of challenges in their fight to remain competitive and keep pace with digital challengers.
It is hardly a secret that the IT infrastructures in many of Britain’s banks today are in poor health. Recent comments by Andrew Bailey, chief executive of the Prudential Regulation Authority recently took the discussion one step further, exposing the complex nature of current core banking systems and revealing that it may in fact be a false economy for banks to keep avoiding investment in new IT systems.