To stay up to speed with a constantly shifting risk landscape and progressing threats, financial institutions must not only plan for today, but also look ahead to ensure the use of the most innovative technologies and solutions. As new trends and strategies emerge and take precedence, security leaders should stay prepared and continuously work to gather as much data and intelligence as possible to modernize, simplify and automate their business.
Most financial organizations are currently aiming to achieve common goals: satisfactory customer engagement, enhanced cybersecurity, and fraud reduction. Moving forward, these components will be significantly affected by three factors:
Big Data and Analytics
It has become clear that for financial organizations to predict and identify threats in real time, actionable, intelligent data analysis that links cyber and physical security must take place to present a unified risk scenario to the appropriate analysts and operators. Tomorrow’s analytic applications will propel increased situational awareness and provide instant notifications to facilitate immediate action.
Automation and Modernization
Solutions of the future must allow security teams to dedicate time and effort to relevant tasks and efficient responses, while leaving certain operations, such as firmware updates and camera verification, up to automation. Modernized processes will need to take advantage of prominent trends, including the Internet of Things (IoT) and the cloud, while elevating the customer experience and overall loyalty.
Advanced Investigative Tools
Security systems will continue to develop to support streamlined and simplified investigations. Biometrics are poised to impact the financial market tremendously, as technologies such as facial recognition and voice analysis create the potential for banks and credit unions to strengthen identification processes and track fraudsters.
For banks and credit unions to build a truly powerful and robust security and customer engagement solution of the future, they must combine and layer the above elements. Data collection and analysis will fuel cutting-edge devices and systems that ultimately lead to a modernized and innovative approach—allowing banks and credit unions to properly mold their strategies to prepare for what’s to come.