bankingciooutlook

3 Practices Helping Bankers Tackle Security Issues

Banking CIO Outlook | Tuesday, January 28, 2020

Modern-day bankers tend to implement top security practices, which not only help them tackle cyber threats but also develop a strong customer relationship.

FREMONT, CA: The present-day bankers well-understand the need for standard practices to tackle the raising issues of cybersecurity and theft. Over the past few years, the banking industry has adopted massive transformation in the traditional banking way like digital and instant account opening, online payment and transaction features, and even banking service delivery through digital portals.

According to OpenSpan, tech-influenced bankers actively look for solutions that can help them face cybersecurity challenges and build strong customer trust. However, many bankers take innovative approaches and strictly implement practices to strengthen cybersecurity. Some of such practices are listed below.

• Choosing the Right Solution

As most of the banks are going digital and prefer online-based portals to deliver easy and smart banking services, the threat to financial accounts becomes more and more vulnerable. The bankers need to invest in high security-providing web-platform developers and run a portfolio validation before hiring the service providers for developing banking platforms. Web-platform developers must have an excellent business portfolio that supports advanced security solutions and user-friendly interface development. 

• Prediction-Based Strategy Development

With the help of artificial intelligence, data analytics, and cloud computing, bankers take full advantage of continuously generating customer data across digital platforms. This helps in understanding customer behavior and predicting risk as well. Such predictive approaches help in developing future risk strategies and personalized offerings like loans while avoiding future risk.

• Instant and Quality Service Delivery

In today’s world, the customer is the king; satisfying customers can help the bank institutions build a strong business portfolio and root in a firm position in the rapidly changing competitive market. Technology like 5G proves to increase digital service quality and empower the application developers to create a better customer interface. 5G technology avails real-time customer data, create seamless communications, and instantly solve customer issues through digital banking portals. Instant validation of documents and evaluation of claims ensure quick detection of forgery while empowering security tools to create an unbreakable security network.

The future of the banking sector is expected to include customer trust, advanced banking solutions with high security, and personalized offers. The modern age bankers understand the necessity of adopting tech-driven solutions and practices to boost their business and revenue.  

See Also: Top Banking Technology Companies

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