The COVID-19 pandemic has affected several business sectors, including the banking industry. It has forced the banking industry to switch its financial services to digitally focused banking. Financial services such as opening a new bank account, applying for a loan, and many other activities are now adjusted to digital platforms.

However, this banking industry’s technology sophistication also opens up more significant opportunities for cybercriminals in targeting the banking industry as the prime target.

To combat the risks, related parties need to know the strategy to ensure the reliability and security of the digital services. Related parties can apply these are several strategies below:

1.      Adopt a digital-first mindset in an organization

Banks have no other choice to serve the customer needs optimally other than shifting their products and services to be more flexible to be accessed anywhere and anytime – by utilizing digital platforms for customers. Luckily, today’s technology allows the banking and financial industry to simplify the complex digitalization process and flourish comprehensive digital banking services.

Ensuring the reliability and security of its digital services is very important for the banking industry. Because of this, the banking industry should be pouring recourses and start looking for reliable technology and security solutions. Implemented security technologies and solutions can make the back-end infrastructure more agile, improving service quality without compromising security. In addition, by being digital-first, companies can respond to every customer’s ever-changing needs and adjust system adaptations to evolving security threats in a relatively short period.

2.      Rearrange the customer journey

Since everything is now managed digitally, and face-to-face activities are almost absent, customers have high expectations for these digital services. They expect banking services with fast, easy, and secure flow. If the company cannot meet these needs, the customer’s expressions of dissatisfaction will be more delicate than before. They will not hesitate to stop using the service or switch to another competitor.

Therefore, the banking and financial industry needs to apply technology that supports the development of fast, easy, and secure banking services.

3.      Paying attention to the risks of digital banking services

After fulfilling the previous two strategies, now is the time to pay attention to the risks of digital banking services. This step needs to be carefully considered because if it is not, digital platform users’ or customers’ information will be very vulnerable to cyber-attacks. Fraud and other cyber threats are significant problems faced by banks in this digital era. Carrying out regular and comprehensive assessments of the risks encountered can minimize the possibility for fraud or other cyber threats to occur.

When deciding to provide digital banking services for customers, paying attention to the security side needs to be the main focus of every banking company. As one of the sectors that urgently requires to transform and keep up with customer needs, banks need to make Mobile App Shielding one of the right solutions to overcome the security challenges of digital banking services.

4.      Strengthen the mobile application security system

Banks provide mobile applications services to satisfy the needs of customers’ financial transactions. However, this sophistication comes along with a high risk that can cause material and non-material losses. Therefore, banks must actively investigate the security of mobile applications used by customers.

To ensure the security of a mobile application for customers, banking and other financial services must utilize the Mobile App Shielding solution. With the Mobile App Shielding solution, banking applications can always be protected even if an irresponsible party compromises the customer’s device.

5.      Take advantage of security solutions equipped with AI and machine learning.

The completion of today’s cybersecurity strategies is dominated by security solutions equipped with AI and machine learning. AI and machine learning have the incredible ability to automatically monitor patterns and behaviour in account activity across multiple digital channels, helping IT security teams identify any unusual or suspicious activity.

AI and machine learning enable banks to spot suspicious activity faster than humans through maximizing cyber-attack prevention. In addition, technology with AI and machine learning allows banks to have much more comprehensive visibility into the security of digital platforms and proactively take action when there is a potential attack.

In the last few months, the financial industry has grown more competitive, even by simply providing digital services to its customers. Currently, conventional banks are also starting to realize the importance of digitizing services, products, and all processes related to financial transactions.

Supportive security and protection must follow the movement to digitalization with supportive security and protection. Implementing these 5 strategies to ensure the reliability and security of digital services will put the company in the best position in customers’ receptivity and boost customer acquisition, retention, and satisfaction.

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marketing@phintraco.com

Reference:

https://www.onespan.com/blog/banks-improve-digital-services-without-sacrificing-security