The 411: Information Security, Infrastructure and Technology in the Banking Industry

Banking firms are becoming increasingly more mobile and tech savvy. Nowadays, you don’t have to walk into your bank to make a deposit or transfer money. It can all be done with a couple pushes of a button. Coming up, technology in the banking industry is expected to see continued exploration and innovation in areas such as big data, cloud strategies, mobile, architecture, security, and analytics.

The Good…

As the banking industry evolves, new technological advances will become more and more apparent. In the past 6 years, with the advent of Apple’s app store, technology has put a progressively greater emphasis on mobility. BYOD is the new norm among companies and consumers alike. The banking industry has begun to conform to this new reliance of instant access to private information through the phone and other mobile devices. The ease of checking your balance on your phone is now expected. To stay current, banks and other financial institutions are looking for more ways to help their customers realize more value from their services.   Another important aspect of banking mobile apps is the added security that most companies are beginning to utilize. When you log into your app, or even onto your account from a new device it doesn’t recognize, it will make you confirm it is you by using a passcode. This passcode is either sent to your mobile phone or your email. Mobile apps and interface technology is the most prevalent trend in banking and has become an important differentiator for this industry.

The Bad…

With all this convenience and accessibility comes risk.  Information security has been on a lot of consumers’ minds with the evolution of technology services this year. Specifically, with the ‘Internet of things’ and cloud technology. Banks and other financial institutions hold our most important documents and personal information. With the threat of potential hackers and malware among other types of security breaches to this information, security is a huge topic of conversation among the industry. How can the technology help to combat this issue? Seemingly, more and more financial institutions are looking to cyber security insurance to help mitigate the risk of loss of data. Assessment audits and post-breach protections will be utilized to stay on top of threats and potential invasion.

Nevertheless, with the new technology services, such as big data and the cloud, and the remaining threat of cyber attacks, 2014 will see a rise in companies trying to find ways to utilize technology that has never been seen before. The banking industry is seeking  multiple ways to stay ahead of the hackers and the technology curve to keep their customers happy while also trying to keep their information safe.