Data protection

Data fraud & breaches are always risks when digital information becomes more accessible. 

• Data is transmitted over many points before it reaches its final destination with each point introducing potential security risk.
• Mobile applications & the servers where they reside may have a number of vulnerabilities that can be exploited. User behavior can also contribute to the risk.

Convenience and customer expectations

• Technology and customer preference are moving faster than government regulatory oversight, leaving financial services to face challenges adapting to customer demand while still adhering to regulations that are slow to change.
• Additionally, new players in financial services are moving quickly to fill any void, challenging established firms to remain competitive.

Two-Sided Coin: Catering to Consumer Demand for Convenience

• The financial sector is cautious about changing from a solidly dependable business model to one that invites risks. 
• The mad rush to offer consumers more convenience without addressing security risks will most certainly bring disastrous consequences. Alternately, if security processes create a difficult user experience, customers will seek simpler ways to accomplish their tasks. 
• Maintaining this delicate balance is a formidable challenge, even for the most innovative and forward-thinking companies.

Public trust

Addressing consumer perception is just as important as the adoption of technology. 

• In an age of publicized data breaches, public mistrust toward any company that handles personal data has grown exponentially. Trust is easy to lose, and difficult to repair.
• Customers want assurance that their information is in safe hands. Financial services firms should be as transparent as possible on how they’re keeping information safe from cybercrime and data breaches to maintain trust.