How the banking industry is solving its security problem

The banking sector has perhaps never been under more pressure than it has now to innovate and adapt to a changing world. The pressure is coming from two very different sources: customers who increasingly expect personalised, intuitive and easy-to-use services; and FinTech start-ups who are combining agility and technical nous to shake up the industry and carve out new niches in the marketplace.

In any case, online banking is now the bedrock of the sector in the UK today. As of 2022, it’s estimated that 93% of the UK’s adult population will be doing at least some of their banking using online-enabled solutions and services. That’s why online banking services have to be secure, flexible and user-friendly, and in this blog, we’ll explore those three challenges and how innovation can help solve them.

Security

The issue: banks have to keep more things safe now than ever before. It’s not just the funds of their customers that are under threat (especially now that money is largely stored digitally), but also the sensitive personal and financial data of customers that banks hold and use every day.

At a time when cybersecurity threats are constantly growing in number and sophistication, it’s no surprise that banking security is a major concern. But when you also consider the ever-expanding attack surface of banking - networked computers, connected devices, mobile channels, the cloud and even social media - then the need to keep things safe is heightened even further.

The solution: the good news is that new security features are constantly coming on stream, helping banks keep one step ahead in the constant cybersecurity arms race. These include (and are not necessarily limited to) improved firewalls and anti-malware systems, multi-factor authentication for user account access, and Robotic Process Automation and related analytics that can spot anomalous and potentially fraudulent activity. APIs are also proving extremely useful in the business world in safely embedding banking seamlessly into their everyday corporate customer platforms.

Flexibility

The issue: it wasn’t so long ago that opening a bank account, checking a balance, or applying for a loan or mortgage required a lengthy application process and at least one physical visit to a bank branch. Today, not only have all these activities been made easier and faster through mobile enablement, but customers have come to expect this level of convenience as standard.

The solution: this means banks have to explore the most up-to-date features that give customers maximum flexibility, and integrate them into their platforms at the earliest opportunity.

But those that do aren’t just satisfying their customers: they’re feeling substantial benefits for themselves, too. Greater mobile enablement and automation means the admin burden on human staff is reduced, allowing costs to be cut and staff to be redeployed in places where they can add greater value. And by offering smoother experiences, ones that customers are likely to share with their friends and relatives, as well as online, banks will find it easier to attract new customers, gain a stronger competitive edge and boost revenue as a result. A great modern solution that improves personal experience is the use of mobile banking branches. These portable branches drive to remote locations with staff using high-speed, connected devices and offer all the services of a brick-and-mortar branch, including making deposits, withdrawing cash and paying bills.

Customer experience

The issue: connected to the previous point, customers increasingly want to feel that they have got the full attention of their bank. They want experiences that are meaningful, intuitive and that are personalised to their individual needs. In short: they want to feel treated like a human, rather than just an account number. While this is a worthwhile endeavour, putting in place all the solutions and services to achieve it can very easily cost a lot of time and money - more than might be viable.

The solution: automation is the key to making personalised customer experiences practical. For example, managed services offer customers a quick and easy solution to get answers to common questions, saving them the time and stress of visiting a branch or telephoning a call centre. We provide managed services that combine the best people, processes and tools, lending technical expertise across all the myriad technologies your customers’ infrastructures contain. These services are packaged around fixed sets of features and components that match the requirements of the vast majority of customers.

How Ingram Micro can help

When you partner with Ingram Micro, you get access to all the expertise, services and solutions you need to solve the challenges of modern banking. We can help you:

• Keep funds, data and applications secure through cybersecurity solutions, audits, assessments, maintenance, and education through our dedicated Centres of Excellence
• Enable flexibility through the latest mobile devices, cloud solutions, rugged equipment and network infrastructure
• Make it quicker and simpler to set up new innovations that improve customer experience. Take advantage of the latest differentiators in the marketplace with presales support and professional services, such as consultancy and project management