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V3iT Consulting, Inc - Banking

A report from IDC, entitled "Worldwide Semiannual Public Cloud Services Spending Guide," compiled statistics showing that specific industries put more of an emphasis on public cloud spending over general cloud adoption rates. IDC found that discrete manufacturing was the biggest spender on public cloud services in 2015 with $8.6 billion. Banking held the second spot with $6.8 billion, but the professional services industry (which hit $6.6 billion in spending in 2015) is expected to surpass banking by 2019. But the fastest-growing vertical from 2014 to 2019, according to IDC, will be the telecommunications industry with an expected CAGR of 22.2%.

We are helping small regional banks get into the cloud (public, private and hybrid), to take an advantage of our offerings.


V3iT Consulting, Inc - Banking


Gartner polled U.S. bank customers and found that 12% thought about changing banks because what their bank put in place added too much friction to the interaction. But what’s even more surprising, he says, is that 3% of those surveyed actually made the switch to a different bank. “Given that it’s not necessarily easy to change bank accounts, direct debits, and so on and so forth, that’s an effortful thing to do,” he says. Although passwords aren’t necessarily the best form of security available today, they are familiar enough to end users that they are often accepted as part of doing business. However, companies are facing the uphill battle of knowing passwords aren’t good enough but still needing to strike a balance between reducing risk and not annoying customers to the point they seek alternative options. Some companies, and banks in particular, tried to use “intrusive, heavyweight solutions like smart cards or IDs” in the past as a way to offer better security over traditional passwords, but there were two main problems with those technologies. They were often expensive for companies to implement, which means that companies instead stuck with passwords and worked on making those stronger. And those smart cards or IDs required customers to remember to carry that other form of ID with them at all times, which may not immediately become second nature. To help overcome these issues, security vendors are coming up with better alternatives for companies to consider, but the options available to you will vary depending on the needs of your company as well as what your customers and employees are willing to adopt.

Today most people use their mobile devices for authentication. Moving to the mobile device has been quite attractive, because it makes things cheaper for organizations. They don’t have to buy additional hardware and ship it out to their users, which may be employees or retail customers.

Mobile devices are just the tip of the iceberg for what’s to come with authentication, and much of the innovation in this area is coming from the financial sector, which has higher security and risk mitigation requirements than most other industries. Online fraud detection solutions, for example, are generally well-established in banks and they go beyond passwords or other forms of security by taking contextual information and user behavior into account. Instead of just hiding sensitive information behind a series of numbers and letters, these solutions actually learn from a user’s past visits to a website or an application to build a contextual identity of sorts.

In addition to basic contextual information, biometric methods are another element you can add on top of these online fraud detection systems. He points out that this has been somewhat limited to Apple and Samsung users so far, meaning that to use fingerprint scanning, for example, you have to have that technology already built into the device, which may not be the case for all users. However, some organizations are starting to bake biometric methods into the software of their mobile banking applications using the camera, microphone, touchscreen, gyro sensors, and accelerometers, so users with almost any device can take advantage of them. This gives companies the power to decide how to implement different authentication methods and tailor them to their specific customer bases.

Putting this together is by no means simple and tried and tested means of ours and our consultants working at it always benefit.