Analytical Tools Are Embedding In Business Applications
Rather than shuffle data from analytics to line of business apps, the analytics are getting integrated into the apps.
Tom Groenfeldt – Financial Technology
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AliPay, WeChat Processed $3 Trillion in 2016
Chinese consumers sent about $ 3 #trillion in payments through Alibaba and Tencent payment services in #2016. According to a new report released by the UN-based Better Than Cash Alliance, users sent $ 1.7 trillion in total payments through Alibaba’s #Alipay service last year, compared to only $ 70 billion in 2012; Tencent&8217;s #WeChat users sent about $ 1.2 trillion in […]
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Wells Fargo’s Take on Joining PayPal and Android Pay for Its Mobile Customers
#Wells Fargo is bringing #PayPal to the point of sale. The bank’s #mobile #customers will now have the ability to make purchases through the mobile wallet in-store, as well as through mobile and online methods, the bank announced today. #Android Pay announced an agreement with PayPal this morning, which means more #banks should announce PayPal […]
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Bankers Undecided — Are Fintechs Friend Or Foe?
Financial services firms fear a big hit from #fintech firms but are also looking for ways to partner with some.
Tom Groenfeldt – Financial Technology -
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Ch-ch-changes—It’s time to address cybersecurity threats in banking
David Bowie’s guitarist Carlos Alomar recently described the challenge of playing with a genius who was a musical chameleon throughout his long career. “David Bowie’s music is a moving target. Just when you think you’ve got the bullseye, it shifts.”
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Many #banks could say the same about striking the right balance between delighting customers with frictionless digital experiences and keeping their data safe. As bank business models evolve from walled gardens to having to compete on the open digital savannah, it’s getting harder to strike that balance. Business model changes are creating proliferation in both internal and external points of data exchange. The integration of digital and branch channels; ecosystem platforms that expose APIs to partners; the shift from data centres to cloud storage on third-party servers; and a workforce that increasingly includes a wide array of contractors are just some of the new data interfaces that are being created.
As these points of exchange proliferate, banks increase their information security risk. Criminals are still liable to attack banks because “that’s where the money is”, but bank robbers have been joined in the digital world by angry social media mobs, geo-politically motivated state actors, ‘ethical’ hackers seeking radical information transparency, and many other types of #threats that together have created an information security arms race. It’s no surprise that the target of the hackers in the first season of the hit TV show ‘Mr. Robot’ was banks.
Accenture recently survey 275 security executives to hear their views on the state of #cybersecurity in the #banking industry. The survey showed that most are confident about their ability to protect their assets and their customers from fraud, malware, and a host of other security breaches. Some 78 percent of the executives reported confidence in their cybersecurity strategies, 76 percent said cybersecurity is now embedded in their culture, and a full 93 percent believe their cybersecurity capabilities can protect their customers’ information.
But the survey also indicated that this confidence may be misplaced. Our research found that these same banks face an average of 85 targeted breach attempts per year—a third of which are successful. The stakes are also getting higher, with recent breaches of international payments systems creating multi-billion-dollar downside risks. If banks are to retain their customers’ trust, this gap between the reassurance projected by management and the reality of multiple successful breaches a month needs to be closed—and quickly.
It starts with better threat assessment and a dynamic prioritization of investments against emerging risks. It also means building a strong risk culture and supporting it with appropriate controls and tools that build resilience and defence in depth. Continuous attack simulations from white-hat hackers can also provide valuable insights into the maturity of a bank’s security program and its readiness to parry the continuously evolving set of threats.
Just like David Bowie, cybersecurity threats keep changing and evolving, so the Carlos Alomars of bank information security need to ensure that they can keep up.
To learn more about building better cybersecurity in banking, I invite you to read our High Performance Security report: Solving Banking’s Cybersecurity Conundrum
The post Ch-ch-changes—It’s time to address cybersecurity threats in banking appeared first on Accenture Banking Blog.
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Whatever Happened to the TransferWise Messenger Bot?
Facebook’s #Messenger platform has certainly been in the spotlight of financial services industry recently. And understandably so: the platform claims to have 1.2 billion active users, while Facebook itself is at 1.9 billion. London-based money movement startup #TransferWise also joined the Messenger pile-on, launching its TransferWise Bot last February, which the unicorn developed through its pre-existing […]
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Zelle Makes Play for Top Spot in P2P with $55B in Transactions
#Zelle, the person-to-person payments network launched by Early Warning, reported today that it processed 170 million #transactions in 2016, proving what the #fintech majority already knows: consumers really like person-to-person payments, the simpler, the better. Harnessing the consumer-acquiring power of P2P has been a goal for financial institutions since the arrival of Venmo, and the […]
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IBM And Maersk Apply Blockchain To Container Shipping
Permissioned #blockchain is emerging as a useful #technology in #shipping and trade finance.
Tom Groenfeldt – Financial Technology -
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Simple Shows Exactly Why Customers Don’t Trust Fintechs
Imagine waking up to an email from your bank saying that all your accounts will be shut down in a month, through no fault of your own. Seems unlikely, doesn’t it? How about getting that same email from a digital-only startup bank? Somehow — despite the increased popularity of #fintechs &8212; this seems more likely (or […]
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Open Banking Is A Must for Millennials, Bankers Claim
It’s crucial for #banks to start participating in the finance revolution, especially as millennials are on the hunt for #open #banking—at least, according to #bankers. According to a survey of 300 banking officials, conducted by Marketforce and Earnix, developing open APIs is becoming more and more crucial to retaining customers. In fact, 80% of the […]
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