Taking the initiative

Banking is heavily regulated, and the regular emergence of new technologies means that institutions are constantly forced to grapple with new regulations– which has produced technology estates that are hugely complicated and disparate.

Even the most minor breach across a network can have devastating financial and data security implications and lead to systems being overrun.

As such, security teams need to look beyond their regulatory tick-box commitments and implement the highest-grade security they can across their entire network – including strong encryption standards.

Reacting quickly to cyber threats across a vast and complex technology estate requires speed and flexibility – identifying and resolving issues and updating security protocols.

However, the sheer volume of legacy infrastructure within the banking industry adds complication and slows this process down, leaving many security teams in a difficult predicament.

The banking industry must rapidly evolve to keep up with technology or risk being left behind. Customers now expect banks to offer online and mobile banking options and automated financial solutions.

Banks are now competing against other traditional institutions but also against tech-savvy startups which have tapped into the power of digital innovation to provide superior service.

To remain competitive in this new landscape, banks must invest in modern infrastructure and find ways to leverage data analytics and artificial intelligence for improved customer experiences.

Banks must take the initiative now and embrace the technological advancements available today to ensure their ongoing success for many years into the future.

taking the initiative