2 minute read
By Matt Tengwall
Posted in Customer Engagement
The beginning of a new year (and a new decade) is always a great time to take a look at what lies ahead for the industry.
Whether it’s the continuation of impactful trends we saw in 2019 or the introduction of new technologies and concepts that will make a splash, it’s critical for us to outline what’s on the horizon in order to ensure the highest level of preparation.
Financial institutions can look forward to plenty of innovation in 2020 when it comes to the tools available to enhance both security and business operations. And this year, implementing these tools will be exceptionally paramount, as the safety risks facing the industry will only continue to evolve.
Overall, we can expect to see the following three predictions come to light in 2020:
Though this isn’t a new concept, it’s safe to say it’s one that will continue to stick around in 2020 — and likely become even more consequential. According to Forbes, the financial services industry experiences 35% of all data breaches, making it absolutely critical that banks and credit unions stay proactive and protected. Fraudsters are becoming smarter and the types of threats and attacks are constantly changing, making any potential vulnerabilities increasingly dangerous. It should be every financial institution’s New Year’s resolution to adopt comprehensive security strategies that incorporate both physical and cyber aspects.
Many financial institutions today use on-premise solutions for features such as video storage and centralized management, but we will start to see a transition to cloud-based storage over the next few years. This will take place as bandwidth improves and cloud-storage costs decrease. The cloud offers numerous benefits for the financial industry, such as scalability and automatic updates, as well as the ability to streamline data and video sharing with external entities such as law enforcement – a feature that allows organizations to expedite response times and investigations.
This year will bring a continued push of higher-value analytics to the edge, as IoT devices will be capable of running more processing-intensive applications, effectively distributing the computing power across many inexpensive devices. Additionally, we’ll see further collaboration between IoT devices and cloud analytics to help financial institutions solve real-world problems. We can also expect advanced security functionality, such as end-to-end encryption, to become more commonplace with IoT devices as a way to address the increasing risk seen by financial institutions.
A new year is an exciting time, and we’re looking forward to what 2020 will bring. Though cybersecurity and other threats will remain top-of-mind, between the cloud and IoT, financial institutions are poised to take advantage of intelligent and innovative technology to stay secure.
Great insights from Matt Tengwall, GM at Verint Fraud and Security!
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