4 minute read
By Matt Tengwall
Posted in Customer Engagement
Technology has been the single biggest change agent in the banking market. Over the last 30 years, a continued and relentless path of technology innovation -- most notably the Internet of Things (IoT), big data analytics, mobility, and the maturation of standards and integration -- has shaped the industry and continues to do so today as we begin 2019.
Advancements in automation and Artificial Intelligence (AI) technology have enabled a new generation of capabilities that propel real-time interactions between security operations and fraud investigators, to customers and employees. The term "security" no longer means simply protecting the perimeter of a building; it also involves securing corporate networks and sensitive data, and enabling the highest order of customer trust, through all their engagements.
The evolution of technology, fraud mitigation, and the overall security structure has propelled security leaders to take a new approach to 'selling' the investment in technology to their senior executives and board of directors. Once a cost center, security -- and its technology investments -- are now a critical part of any business and are designed to deliver long-term value to shareholders and customers.
Here's a question: Are you in the right position to sell the value of your investments to your senior executive team? In this blog, we take a look at how to position for success and plan for the future of a security department:
Propose the Value
Board-level executives process information and decisions differently.
When going before this audience to gain buy-in for plans, you need to understand their overall mindset. Does your organization's board view security technology as a cost or an investment? If it's the latter, you're in a very good position and you can easily move on with the pitch.
However, if your leaders view security as a cost, you have to change their mindset ... now. Develop a pitch that explains how security aligns with the overall goals of the business, such as delivering exceptional customer engagement through video-enabled analysis of processes or addressing organized fraud schemes through the identification of abnormal behavior.
Share potential business results or new efficiency targets, outline how many different people will benefit from your plans, and describe how the business will benefit from your strategy.
Consider the use case of expedited remediation and how timely resolution can be a key to protecting the value of the brand. Remember: "Senior management is more likely to do business with you because of what you know about their business, rather than what you know about your business."
Security no longer operates in a silo. Today, convergence occurs at an organizational level. The alignment of risk management, IT, compliance and security enables a comprehensive approach to security that takes into account cyber and physical elements -- and helps leaders proactively recognize threats.
With this in mind, you must consider evolving the relationships you have beyond these partnerships. Learn how to collaborate with finance, operations, facilities, strategic planners, and marketing leaders. These stakeholders can be valuable allies in your road to gaining budget approvals, especially if you're able to gain insight from them on the ways in which your security strategy can benefit them.
Understanding the challenges that your fellow department heads face, as well as offering them ideas and solutions, can go a long way to helping you meet your own goals.
Speak the Language
If you're like any traditional security leader, you find it easy to discuss issues related to risk management, business continuity, threat mitigation, and security technologies. If you've embraced the value of and collaboration with IT, you're ahead of the game.
However, can you speak your executive team's native language? That is, can you speak business? Can you easily discuss liability, cash flow, gross margin, ROI, TCO, and profit margins as they relate to your department? If not, you need to educate yourself and your team to be able to gain approval for your future security plans.
Focus on outlining ROSTI: Return on Security Technology Investment
Technology is a great force multiplier. Security helps secure an entire branch footprint, alleviates risk, helps ensure operational compliance, and improves fraud investigations. Video surveillance systems, analytics, threat management platforms, and other solutions can provide organizations with intelligence and unprecedented protection from fraud -- all while enhancing the customer experience.
But all of these cost money. Therefore, being able to explain the business benefits will enable you to create a stronger, strategic security program within a financial institution. Following the suggestions above will help guide you along the right path to the future in communicating these needs to executive leadership.
As the financial sector continues to evolve, banks of all types will work to determine which methods, technologies, and business strategies align with their ultimate goals.
Learn more about how Verint's solutions can help you bridge the gap between your current security strategy and your goals for 2019 and beyond.
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