Financial services companies have found themselves at a crossroads of understanding how and when to integrate new marketplace technologies into their own products and services in order to meet ever-changing customer demands.
Financial Services – Consumer Demand
Consumers’ growing addiction to digital devices provides additional channels for financial services companies to optimize and extend their reach, but it also opens the floodgates for a wider variety of cybersecurity vulnerabilities.
Consumers’ growing addiction to digital devices provides additional channels for financial services companies to optimize and extend their reach, but it also opens the floodgates for a wider variety of cybersecurity vulnerabilities. Increased time is being spent on smartphones, and interactions with smart home devices and personal assistants using artificial intelligence (AI).
The time is ripe for companies to adapt their business models to meet the expectations that customers have already been forming from their early experiences with digital. The trick for thriving with financial services in digital is finding the right balance between being innovative and being secure.
All of this together presents new challenges for financial services companies as they weigh their options of how to deliver each of those innovative services while maintaining the necessary complex and ever-changing security standards.
Without the right security measures in place, the power of technology can be damaging to any financial services company. But given the right balance of security, technology and customer-centricity, any financial services organization can gain the brand-perception benefits of being seen as a technology innovator instead of just an adopter of an already existing trend.
SIFMA is the voice of the U.S. securities industry. We represent the broker-dealers, banks and asset managers whose nearly 1 million employees provide access to the capital markets, raising over $2.5 trillion for businesses and municipalities in the U.S., serving clients with over $18.5 trillion in assets and managing more than $67 trillion in assets for individual and institutional clients including mutual funds and retirement plans. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).
Ted Bissell, Global Digital Director – Read more – Banks learn to innovate or die