The digitization of the financial industry was supposed to solve problems. And it has. But it has also created some new ones in the process. All of which affect you through your supply chain
The Finance sector has long been on the front-line of the cyber security war. But more and more examples of data breaches involving third party suppliers are coming to light. Your security posture may be perfect but you are at risk if your supply chain’s is not.
Technology is rapidly reshaping the financial services workforce. Digital tools can do more of the “heavy lifting,” freeing up staff to concentrate on more complex and value-added functions. This transition can help suppliers work alongside you more effectively, but the transition is not easy and requires deep strategic and tactical planning and management.
The ever-changing regulatory environment poses a constant challenge for financial institutions of all types. Data Protection legislation and its national variations, data sovereignty, movement to the Public Cloud and implementing cloud based workflows create an exponential set of simultaneous challenges that are further complicated when you try to apply them through your supply chain for a seamless customer experience.
BUSINESS MODELS OPENING UP
The need to balance openness and protection in a connected world is a major theme. By opening platforms to third parties through application programming interfaces (APIs), firms can unlock value from data, create synergies with partners and develop new cloud-based services more quickly. However, the additional risk vectors of every supplementary integration are exponential.
All customers are now expecting a digital experience from their financial institutions. It’s about differentiated customer experience, providing what they want, when they want it and how they want it, whether you’re a bank, insurer or asset manager. This isn’t just a matter of cosmetics. You’ll need to change your back-end operations to support it and your supplier relationships. And you’ll need to think differently about how to solve problems. Technology isn’t a silver bullet.
MACHINE LED ANALYSIS
Big data and AI driven analysis provides both opportunities and obstacles for financial service providers. Tapping into social media, consumer databases, and even news feeds can help banks better serve their customers, while better protecting their own interests.But sorting through torrents of unstructured data for useful information is no small undertaking and requires both powerful data analytics technology and advanced data protection policies and processes from the associated suppliers.
See how C2 has helped financial services businesses manage these challenges
C2 Cyber helped multiple stakeholders to gain a common understanding of the likely roadmap for continuous improvement to the security architecture over the coming years, thus reducing the risk that future investments will be disproportionately influenced.