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Technology Giants Emerging in the Financial Sector
According to the payment insights, tech giants like Google, Apple, Facebook, and Amazon have influenced the financial sector to a large extent. Digital players’ mobile wallets and integrated payment services mean that retail banks and credit unions lose access to big data streams. Compared to traditional banks, tech giants such as Google have a huge customer database as their biggest advantage. In non-bank competition, Paypal and T-Mobile provide a secure transaction that processes 9.3 million payments each day.
Oliwia Berdak, a Forrester analyst, conveying tech companies such as Google can provide digital technologies to customers to meet customer needs in an entirely new way. In order to maintain acquisition traction, Brett King, the founder of the first direct mobile-only bank, Moven, conveys that the technology companies have been granted the sale of banking products. By removing challenges such as inefficiencies, technology companies offer services such as business merchant services, payment services, and checking accounts. As technology companies should provide these services at low costs, it becomes a real threat to financial institutions.
Technology companies have already used customer insights to provide customers with contextual solutions. The next logical step in the financial sector is to combine insights with the transaction of behavioral data. The financial institutions would lose their customer relationship with the technology companies because of this step. Financial institutions must either redefine their offerings or collaborate with providers of technology banking solutions. Lithuania's central bank recently granted Google an e-money license in the European Union. It helps Google move toward the fintech realm in Europe.
The number increased to 114 in 2018 compared to the 35 fintech companies in Lithuania in 2017. After the UK, Lithuania is the next top area to provide entrepreneurs with about 39 e-money licenses. The news has now bothered the financial sector. The new tools launched last year by the Lithuanian authorities have provided further access to electronic licenses.