The core of digital banking is data. But how secure is the core from a melt down?
Touching lives at every milestone
The Banking and Financial Services Industry is perhaps the only industry that touches lives consistently. The reason is simple. Banking is about money and, by logical extension, commerce. When every aspect of human life – birth, education, family occasions, purchases, investments, business, vacations, medical treatment, charity – indeed everything – depends on a monetary element to make it happen, banks and other financial services institutions cannot be far behind.
As custodian of people’s wealth and by logical extension, they are also the repositories of their clients’ trust. But is it just money and trust that they hold?
Leveraging ‘digital’ to build customized relationships
In reality, they hold much more. They hold a treasure trove of a variety of information of each and every client – account value, investment details, card details, personal details, spending patterns, shopping preferences, lifestyle… Indeed, the list can go on.
With the onset of ‘digital’ technologies, banks are exploring myriad ways in which they may engage with their clients in a truly unique and customized manner. Truly leveraging Digital technologies enables banks to connect the operational ‘back end’ with customer facing ‘front end’ systems and people. In other words, seamlessly syncing Business, Technology and Operations. At the operational level, this means seamless sharing of information with all internal and external stakeholders, such as bank employees and third-party vendors.
While this completes the digital circle, what powers this are the multiple sources of information and their treatment. Advanced banks and other financial institutions globally are designing customer experiences to build meaningful relationships leveraging such data.
From humble Teller to powering front-end sales
Let’s look at this from a day-to-day example – the humble Teller at a branch. The Teller, who was till now only engaged in the most basic over-the-counter transactions, can be empowered to cross-sell banking services and products. How? Simple. By empowering him or her with an intelligent dashboard that provides all the information of the client standing before him or her – almost everything as enumerated in the list earlier. With such capabilities, the teller can now double up to drive customer relationship too.
Depending on the bank, the Teller can now sell to the customer anything from a home loan (or even a house!), a vacation package, the customer’s ‘dream car’ to investment options. We all know that digital technologies help provide such insights. Thus, when compared to e-commerce, such as Amazon, banks have an advantage – they hold the cash and can also provide the finance on credit.
Is too much too much?
Such digital capabilities also carry immense risk. Just imagine if customer data is lost or stolen. What if the Teller turns rogue? What if his credentials are stolen, leading to an open window to information to which he is privy? The consequences are familiar.
Authentication, constant monitoring, blocking data which need not be accessed and protecting those that need to be viewed or shared are popular security mechanisms. While there are many ‘content’ based monitoring solutions (classifications based on content), SECUDE provides a unique solution that monitors based on ‘context’. For more information about SECUDE’s HALOCORE solution, click here.