The digital transformation of the banking landscape has changed the way financial institutions treat their customer data. Add in the introduction of open banking and the emergence of crypto assets and this change becomes even more profound.
Customer data has become critically important in this new data-driven economy, as has banks’ ability to capture and analyse this data in order to improve both their own performance and their users’ experience.
The creation of a more connected and digital banking market also makes this data more vulnerable to cyber risk and fraud. With the right technology and tools, however, the same data can be used to markedly improve banks’ fraud and threat detection.
This white paper will examine the effect of these digital developments on banks’ capture, storage and use of customer data. It will also look at the need for heightened data security in the open banking environment, as well as the central role that banks can play in managing and protecting their clients’ digital identities. What emerges is a compelling requirement for financial organisations to connect the dots internally, to both maximise the business benefit of a heightened data, digital identity and threat detection strategy, and to merge the strengths of hitherto disjointed departments to aid this transformation. Cybersecurity and fraud departments, for example, need to be working together to create a robust and secure operation.
Finally, the paper will argue that with the correct use of new and emerging technologies, banks can not only ensure compliance with relevant regulations but also improve their customers’ banking experience and their own standing in a new digital and data-driven banking environment.
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