Research reveals constantly changing and sophisticated avenues of attack targeting the banking and finance industry even as fintech startups change the way we bank.
Fintech is starting to fill some of the traditional roles played by banks, and new mobile banking and payment technologies are making it easier to improve customer experience. The emergence of fintech startups and new disruptive technologies are changing how banking is being done and the way financial services are being delivered.
Spurred by competition from such startups— who are introducing new consumer initiatives such as peer-to-peer and marketplace lending and crowd funding—banks are increasingly turning to technology to improve their processes and business models in order to redefine customer experience.
As digital (and mobile) transactions become commonplace, banks moving to embrace and enable the new digital economy will inevitably face increased security and data risks. They are likely to face new strains of malware and innovative phishing attacks aimed at exploiting loopholes as they start to share more customer data between branches, mobile users, and even through the cloud.
According to a recent FortiGuard Labs Threat Landscape Report, threat activity in India showed a significant increase over the last two weeks of December 2016 when the country witnessed an increase in digital transactions post demonetisation. Interestingly, this surge was not seen globally, and the most targeted industry was banking and finance which received 15 times more hits than the second-placed IT industry.
The number of cyber frauds involving financial transactions in India increased by about 25% to 16,468 cases in 2015-16 from a year ago as per the data made available by RBI.
With technology being the core of transformation, financial institutions simply must dedicate more resources to improve both security capabilities and awareness. While the below list is not exhaustive, they comprise the key challenges we expect financial services sector CIOs to face in 2017.
Esta historia es de la edición June 2017 de Indian Management.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición June 2017 de Indian Management.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Trust is a must
Trust a belief in the abilities, integrity, values, and character of any organisation is one of the most important management principles.
Listen To Your Customers
A good customer experience management strategy will not just help retain existing customers but also attract new ones.
The hand that feeds
Providing free meals to employees is an effective way to increase engagement and boost productivity.
Survival secrets
Thrive at the workplace with these simple adaptations.
Plan backwards
Pioneer in the venture capital and private equity fields and co-founder of four transformational private equity firms, Bryan C Cressey opines that we have been taught backwards in many important ways, people can work an entire career without seeing these roadblocks to their achievements, and if you recognise and bust these five myths, you will become far more successful.
For a sweet deal
Negotiation is a discovery process for both sides; better interactions will lead all parties to what they want.
Humanise. Optimise. Digitise
Engaging employees in critical to the survival of an organisation, since the future of business is (still) people.
Beyond the call of duty
A servant leadership model can serve the purpose best when dealing with a distributed workforce.
Workplace courage
Leaders need to build courage in order to enhance their self-reliance and contribution to the team.
Focused on reality
Are you a sales manager or a true sales leader? The difference, David Mattson, CEO, Sandler® and author, Scaling Sales Success: 16 Key Principles For Sales Leaders, maintains, comes down to whether you can see beyond five classic myths that we often tell ourselves about selling.
