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Overcoming the IT Barriers in the Banking Industry
With technology in banking growing drastically, the expectations in a secure environment and simple online and mobile banking solutions have increased. The banking landscape continues to change with more advancement in technologies and simultaneously, the industry faces several unique challenges to overcome.
Today’s financial services companies lack in understanding banking technology, although it is an industry that depends on security more than any other vertical. Enabling key decision makers to improve digital processes and to understand their risks definitely needs financial services IT consulting services that could help implement the right strategies.
Suggested read: Not Reinventing the Wheel: Tackling the Challenges in Banking Technology
By Alexey Utkin, Financial Services Practice Leader, DataArt
Going digital: Customers today do not want to spend their morning at the branch even if it is a quick visit and continuously demand simplicity. 100 percent online banks like Ally continue to thrive while branches are disappearing. Having a digital presence is just a part of the battle; seamless user experience on all devices like desktops and smartphones, features like mobile bill pay and check deposit are in high-demand.
Adapting to growing technology that will change the industry: While cash will always stay in the market, it is not going to have high utilization. With debit cards to soon go out the door, payment methods like PayPal, bitcoin, and Apple Pay will surface in the future.
IoT, with multi-factor authentication like facial recognition and other password replacements, are some of the adaptations in technology that the industry needs.
Maintaining a secure environment: The banking landscape is 300 percent more prone to cyber attacks when compared to any other vertical. Transitioning to pin and chip cards, managing remote workers, keeping up with demanding regulators, enabling an SSL online, building biometric and other authentications protocols are aspects that banks should consider.
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By Tom Honan, CIO, CapitalSource Bank