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Top 10 technology trends for enhanced security in digital banking
Summary: Latest technology innovations in security solutions for the digital banking industry are set to improve customer experience and safety. Check out these Top 10 technology trends in Digital Banking Security Solution that will transform the banking security environment for the better.
On each visit to your bank, you may have noticed the increasing influence of technology on banking operations. For instance, a few years ago you would have had to fill a deposit slip when depositing cash, but now, you can deposit money through the cash deposit machine. Before, opening a fixed deposit account meant visiting the branch, but now you can do this through net banking.
Technology has improved the banking experience for customers across the globe. It has also enhanced the security of the banking industry. New technology trends are emerging every day that continue to revolutionize banking. We look at ten of the top evolving trends in the banking industry.
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1. Data encryption
When you transact through digital banking, your interaction with the bank travels across the internet. By applying advanced encryption of data, banks can protect sensitive information from unauthorized exposure. Keeping it heavily ciphered ensures that it remains too complicated to hack.
2. Login protection
Many people see the login process as a potential grey area for security threats. However, banks are tightening up this exercise through features like session timeouts in case of an idle webpage, disabling multiple logins at the same time, layered login procedures etc. While these are features, the underlying trend is the strengthening of your digital banking sessions.
3. Certifications
In the past, replica and fraudulent sites have caused significant problems for digital banking users. Banks have been deploying certification tools to help customers steer clear of such frauds. Digital certificates assure customers that they are on the correct banking site and not on a lookalike. Along with this, to ensure customers are aware about the genuineness of external websites, banks also provide upgraded Extended Validation Secure Sockets Layer (EV SSL) certificates.
4. Artificial Intelligence
5. Digital account opening
Due to the pandemic, remote opening of bank accounts has become more prevalent today. From partial use of digital technologies, banks are now implementing end-to-end digitization in the account opening process, making it more convenient for customers to open an account no matter where they are located.
6. API deployment
The application programming interface provides a safe bridge between different software. APIs are becoming a key growth driver in the B2B banking segment. Banking services are now seamlessly embedded into corporate customer platforms.
7. Video collaboration tools
Another trend accelerated by the pandemic; video collaboration tools are the latest trend in banking technology. It can prove to be a massive shift in user experience if customers get the right person to talk to at the click of a button.
8. Robotic process automation
RPA can automate and improve the efficiency of repetitive manual processes. It is being used to replace human effort and eliminate manual errors in these processes. Banks also stand to gain a competitive advantage through automation.
9. Cloud computing
Cloud solutions have been helping organisations to improve efficiency and customer experience. This new-age solution can also reduce security and business continuity risks by providing data-based insights. Cloud computing solutions do so by helping banks with applied analytics.
10. Newer security solutions
Banks continue to improve and upgrade their security solutions like firewalls and anti-malware systems. New banking security solutions are better equipped to ensure intrusion detection and intrusion prevention through the use of technology.
Thus, banking technologies enhance the customer journey and protect customers from security risks. These top trends are likely to continue aiding banks in deploying better financial security around their systems.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.
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