Where the Fraud and Security Market Will Take Us

Let’s be honest—last year threw us a curveball we couldn't have anticipated.

Looking ahead, we're remaining focused on our key growth drivers: investing in technology, developing partnerships, and building new geographies. We will continue to help ensure a successful customer experience and provide solutions that address financial industry pain points.

When we look back at the technologies that have defined the industry, it's clear that connected devices, the cloud, and the Internet of Things (IoT) were critical to enhancing proactivity and mitigating the increasingly significant threat of fraud. While each of these solutions will continue to play an essential role in the industry moving into this year, we're starting to see two common threads that will rise above all in the coming year: collaboration and convergence.

The digital transformation and incorporation of intelligent technology into the banking environment have undoubtedly changed the industry. As customers become more tech-savvy, we're seeing the necessity of digital services for elevating customer satisfaction, such as mobile banking, chat features, and intelligent virtual assistants, complementing in-person service, and modernizing customer engagement.

Now that customers are becoming increasingly aware of some of the risks posed by technology, simplifying and automating programs is more critical for banks than ever before. But security must remain at the center of this strategy. As both the financial industry and the threats it faces become more complex, the secure management of one of our most sensitive assets is always top-of-mind.

Because of this, organizations are demanding a more holistic approach to security to help ensure they are consistently protecting consumer data, employees, brand reputation, and infrastructure. That’s what’s driving the integration of physical and IT security. Furthermore, the use of advanced networked and cloud-based technologies has led to IT’s increased involvement in security decisions.

The collaboration between physical and IT security teams must exist at every level of the process because in the future, physical security groups will likely rely on IT professionals to solve problems regarding security solutions' technical and cyber sides.

Armed with these new technologies and initiatives, we expect the banking market to continue to evolve in 2021, finding new ways to engage with their customers to deliver the most convenient, secure ways to enable them to conduct important transactions. No matter what doubts we may have about the future, two things are certain: we can’t stand still and we can’t do it alone.

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