Technology is offering solutions for financial institutions to fight cyberbullies, triggering a redefinition of service.
FREMONT, CA: The banking security arena is portrayed by constant change—a result of the ever-developing practices used by cyber-criminals to cheat customers. Banks are seeking to protect their users against an ongoing and uphill battle of security. With technology advancing at a rapid pace, financial institutions are embracing new technologies to offer consumers enhanced security features. Adding to the complication, banking security will also have to acknowledge a multitude of other apparent factors, with technological, social, and legislative factors also adding to the inevitable change in 2020.
• AI & ML on the Rise
When harnessing AI and ML to fuel banking innovations, it is necessary to take a structured strategy in deploying security-by-design for leading a proper risk assessment of the companies and people associated. AI is the future of banking as it produces the power of advanced data analytics to fight fraudulent transactions and enhance compliance. Features like digital payment advisers, AI bots, and biometric fraud discovery mechanisms lead to a greater quality of services to a broader customer base.
• Cloud for Better Security
The advantages of cloud solutions comprise a high level of security. Since qualified service providers for banking solutions deal intensively with the industry-specific regulations, the cloud helps financial institutions meet security and compliance demands without overlooking specifications and business requirements.
As biometric security technology has recommenced to develop, biometrics in banking has risen with many new ways of deploying biometrics into the banking space. One benefit of using biometrics in banking is the potential to defend banking data with biometric fingerprint readers. Bank computers comprise a vast amount of very personal and financially vulnerable information. Biometrics defends online payment and banking data with fingerprint readers, and use ATMs with biometric iris scanners.
Overall, 2020 will see banking as platform development. This doesn't mean giving away the consumer experience to tech giants but instead enhancing customer experience by uniting in finances to services and systems already used with a protected platform. Technology is advancing the financial institutions with solutions that will stimulate this year with wholesome fruit of success.
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