With customers demanding personalized experiences plus increasing cost pressure from competitors, bank executives are leaning on their IT departments to find agility and efficiency improvements.
Related Category: Security Operations
Type of Content: White Papers
Inspired by a tsunami of disruptive digital innovation, the last decade has seen perhaps the most rapid evolutionary change ever within the retail banking system. A combination of greater expectations from customers and the sustained development of the financial- technology (fintech) sector, banks are now unrolling new, cutting-edge solutions to enhance the customer experience.
For retail banks to succeed in this increasingly digitised landscape, priorities include simplifying their legacy systems, updating their information- technology (IT) operating models, taking their software-as-a-service (SaaS) credentials beyond the cloud, adopting robotics and artificial intelligence (AI), and preparing the architecture to connect to “anything, anywhere”.
Legacy banking systems and infrastructure are regularly found lacking in both meeting the demands of today and future trends of tomorrow.
There’s also a wealth of unlocked value to be extracted from siloed business unit data within banks’ operational systems to help them service customers and grow business.
Newer systems are more capable of supporting the latest digital products, services and applications that banks seek to provide to their customers. This means that by shifting towards such systems, banks can optimise the user experience and operate in a more flexible and dynamic manner.
Those banks who streamline their operations reduce the considerable costs of maintaining such systems and by adopting the latest technologies will benefit from the improvements that those innovations offer in terms of utility as well as reduced risk and strengthened security.
This e-book explores the benefits you gain when you invest in Fortinet as your cybersecurity partner.
Fewer than 20% of executives feel well-prepared for the future1
Customer experience has reached a paramount level of importance in recent years. Heightened customer standards are being driven by advancements in technology and commoditization of services. The implications for banks is clear – if you want to maintain loyalty among your current client base, you must build an improved omnichannel customer experience and use it as a competitive differentiator.
Online and mobile banking services must be adapted to the digital world as real value resides not only in the banking services you provide but also in the way you deliver them. Customers want to access your banking services anytime, anywhere, with an experience that is immediate and simple. In turn, your bank employees require a 360-degree view of the customer that incorporates every channel touchpoint so that they can provide a more personalized experience.
To drive these customer-centric initiatives and develop a true omnichannel experience, you need to strategically invest in technology that delivers an integrated, automated, agile, and highly available environment for both your customers and employees.
Banks must rethink their business models to reinvent themselves and compete in the future banking market. It is a future driven by open practices and a sharing economy.
Traditional banks are falling behind their digital- native competitors in the innovation race. Accrued technical debt and layering new technology on legacy infrastructure hampers agility.
According to the latest World Fintech Report, only 21% of banks say their systems are agile enough for collaboration with fintechs 3. Furthermore, digitalisation efforts driven by business units working in silos can lead to duplicated effort, with costs and complexity quickly escalating as new services are introduced.
Banks that move from siloed and vertical models to more modular and platform-based ways of working (e.g. Banking-as-a-Service, Banking- as-a-Platform) will be able to successfully create new revenue streams, augment their existing offerings, and reach new customers and markets. For example, banks that sell their infrastructure as a service to others, and leverage the cloud to do it, will benefit from significant new source of revenues.
61% of bankers believe a customer-centric business model is very important, only 17% are very prepared for it
With customers demanding personalized experiences plus increasing cost pressure from competitors, bank executives are leaning on their IT departments to find agility and efficiency improvements. This includes;
As customers become more connected through social media, they are more demanding and less loyal. To remain relevant, banks must leverage their data to engage millennials with the right offer when the relevant buying opportunity presents itself.
Banks are looking at mass customization in order to deliver a far more personalized customer experience. To achieve this they will have to make sense of a torrent of data that defies human comprehension. The requirement is to gather, interpret and present massive quantities of data in real time. This is where big data, artificial intelligence and machine learning come into the play.
In a regulated world, this cannot be done without proper data control, whether hosted in the cloud for collection, processing and provisioning, or held in private locations to better protect your most sensitive data.
The transfer of large datasets is often required across geographically disparate locations. And these transfers need to be protected from security risks. To answer this need, organizations must establish an approach to authenticate and authorise access to applications, specifically in the cloud.
Those focused on growth should deploy a full range of interventions, including productivity improvements, stronger risk management, and better stewardship of equity capital 4
The challenge for banks isn’t becoming ‘digital’– it’s providing value that is perceived to be in line with the cost. Or better yet, providing value that consumers are comfortable paying for5
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In March, for companies across the United States, “business as usual” became business uncharted, as the novel coronavirus spread throughout the nation at an unchecked pace.
Colleges and universities are increasingly dependent on cloud- based apps and mobile connectivity. Meanwhile, cyberthreats are on the rise, and compliance and security requirements are more stringent than ever. Universities must embrace a boundless network security approach. This brief examines critical network security needs for today’s universities and explores best practices for selecting an effective next-generation firewall platform.
The new normal requires the flexibility to provide education over distance. Supporting primary schools’ goals for today’s digital classroom can include secure mobile access, yet obstacles stand in the way of balancing security, access, performance and value. Best practices for effectively implementing a protected mobile learning environment include maintaining high security, connectivity, robust performance, and low total cost of ownership. This solution brief details practical steps to achieve those best practices.
Massive network traffic growth and changing business requirements can be a network security nightmare. Appliances can’t scale to meet unpredictable traffic peaks while upgrades can take time and resources to acquire, configure, tune, and operate. What’s needed? A hyperscale network security architecture offering flexibility and ease of use as business and technical requirements change. This is exactly what Check Point’s Maestro can do.
Let’s face it. Your organization is probably not doing all it could be to secure your users and IT resources. You know all about the high-profile hacks and exploited vulnerabilities, and you’re of course concerned. But security is not the only thing consuming your organization’s limited resources, and besides, you haven’t been seriously breached. So far, anyway.
As other companies have learned the hard way, hope is a valuable human trait, but it’s not a firm foundation for a security strategy. Fortunately, there are compelling reasons to focus on improving your enterprise’s security and steps you can start taking today to do so significantly.
As we learned from the Rightscale 2019 State of the Cloud Report from Flexera, cloud computing adoption is close to universal across organizations of all sizes: 94% of survey respondents reported that their organization uses the public cloud. We also see that enterprises continue to embrace hybrid and multi-cloud strategies (see Figure 1). Hybrid cloud adoption has grown from 51% to 58%, and multi-cloud adoption increased from 81% to 84% over the previous year.
Business agility, productivity, operational efficiency, flexibility, and profitability are undoubtedly the key drivers behind enterprise public cloud adoption. The public cloud allows compute-store-network resources to be acquired and deployed more rapidly. Once deployed, these resources can be scaled up or down as needed to meet demand.
Virtually every passenger car and commercial vehicle that has seats also has seat belts. And there is voluminous research that seat belts save lives and reduce crash-related injuries. For example, according to the U.S Centers for Disease Control and Prevention (CDC), “Seat belts reduce serious crash-related injuries and deaths by about half .”
A significant figure, given that CDC estimates that “More than 2.2 million adult drivers and passengers were treated in emergency departments as the result of being injured in motor vehicle crashes in 2012” and that “Nonfatal crash injuries resulted in more than $50 billion in lifetime medical and work loss costs” in that same year.
In Introduction to Cloud Security Blueprint 2.0 we discussed the basic concepts (Shared Responsibility model, Zero Trust) as well as the advanced challenges that must be addressed by a modern cloud security architecture. Those challenges include increased attack surfaces, diminished visibility, dynamic and ephemeral workloads, automated DevOps processes, excessive privileges, and multiple cloud environments.
Cloud security is often more complex than on-premises security and must consider the shared responsibility model between cloud vendors and cloud users, and the additional threat vectors introduced by each new cloud service. Check Point CloudGuard Network Security provides cloud customers with the same threat prevention technologies as their on-premises security solutions and the same user interface, enhanced by cloud benefits of increased efficiency, better scalability, compliance automation, and improved agility.
Taking the deep dive into what your systems, services and apps are really doing. Observability has been called everything from a trendy tech buzzword to a “monitoring-on-steroids” must-have. The truth is more involved — especially given the increased complexity of the modern infrastructure and the undisputed need for better monitoring higher in the stack, and deeper in the system.