Financial services sector businesses are leveraging technology in new ways to provide greater flexibility and personalization of services. Banks have made it simpler for customers to make smartphone-initiated remote deposits, chatbots are speeding up customer service interactions, and biometrics are simplifying access to systems. Robotic bank tellers infused with Artificial Intelligence features may serve banking customers in the not too distant future.
From banks to investment firms to insurance agencies and money managers, financial services organizations are among the most regulated industries. FINRA, OCC, SEC, FDIC, and a myriad of state regulators all combine to make the issue of compliance a top issue for firms in the financial services sector.
For obvious reasons, security and potential loss of personally identifiable information (PII) and financial data are of great concern. Financial services executives are all too familiar with the impact that cyber threats have on their industry.
It’s likely that regulators will adopt new technologies as well. Focused on data gathering and analytics the hope is to more effectively identify potential problems quickly rather than after they occur.
Clearly, the financial sector is heavily reliant on technology and the trend is for that to increase. Financial services firms need a strong and security-first approach to IT management to stay ahead of this curve.
