What's Driving Change?
- KYC Verification and Authentication
- Fintech and a Digital Future
- Legacy Systems Hindering Innovation
Financial services have to take advantage of the power of technology to evolve and grow exponentially while meeting the everchanging expectations of the future customer.
The present operating model might serve well to banks, it might not work right with modern third-party services. These systems are challenging to respond to the intricate demands of modern finances, including collecting volumetric amounts of data. Even after integrating them with leading-edge software, they consume a lot of time and slow down the development of digital products.
On top of that, many financial institutes still rely on the old security models that can be easily breached. Unfortunately, cyber threats are likely to escalate in the coming years with the advances in technology. The financial service industry needs more qualified anti-fraud systems to safeguard against internal threats and third-party risks.
As an industry constantly upgrading, financial institutes need to embrace the latest techs to keep up with FinTech companies. The finance industry can achieve a considerable productivity boost in its day-to-day operations with state-of-the-art technologies. It enables them to streamline processes, optimize resources, and reduce the burden on IT operations.
MDSi helps Financial companies move to more connected architecture that can easily balance control and accessibility. With the help of IoT applications, they can gather customer data, analyze it and predict customer needs and requirements. Some of the widely integrated security methods are the combination of keycodes, Voice ID, two-factor authentication, one-time passcodes, behavioral analysis, digital fingerprinting, and protective messaging. But the real problem lies in locating vulnerabilities in the first place. Hence cyber resiliency needs to be sharp, effective, and thorough. Also, it enables higher security, better energy efficiency, and greater profitability.