Category: Cyber Security

In the present banking world of finance services, and insurance, data is considered to be the king. To evolve and stay competitive in this sector, organizations need to utilize Big Data Analytics and Business Intelligence platforms for data-driven decision-making. This blog shall focus on understanding how these tools are able to transform BFSI sector and bring valuable insights that drive success.

Big Data’s Role in BFSI:

The BFSI sectors are able to generate large amount of data on a daily basis. The data includes customer transactions, market trends, risk assessment, and regulatory compliance. Big data refers to the collection and the analysis of the massive volume of information. The BFSI institutions are able to uncover hidden patterns, and trends that can assist in strategic decision making.

Enhanced Customer Insights:

One of the biggest advantages of Big Data Analytics in the BFSI sector is to have a better understanding of the customers. By analysing the customer behaviour, transaction history, and preferences, organizations can create a personalized customer experience. Additionally, it creates better retention, and cross-selling opportunities for the company.

Risk Management and Fraud Detection:

BFSI institutions are vulnerable to risks like, credit risks, market risks and operational risks. Big Data Analytics brings about risk assessment, and mitigation by continuously monitoring data for potential risks and issues. It also aids a real-time fraud detection, saving organizations and consumers from any financial loss.

Regulatory Compliance:

BFSI sectors are bound by strict regulations. Big Data Analytics and Business Intelligence platforms can simplify the process with the automation of data collection, reporting and analysis. This will ensure organizations follow regulatory requirements and avoid unnecessary penalties.

Business Intelligence Platforms for Actionable Insights:

Business Intelligence platforms are able to play a pivotal role within the BFSI sector. These tools enable user-friendly interface for accessing and visualising data. It allows the stakeholders to create custom reports and dashboards, in return making it easy to interpret complex information. It helps decision-makers to respond to market changes promptly.

Predictive Analytics for Future Planning:

Big Data Analytics is able to go beyond the historical data analysis, making it easy for BFSI institutions to predict consumer behaviours and future trends. This foresight is essential to design innovative products, optimize marketing strategies, and stay ahead of the competition.

Cost Reduction and Efficiency:

Big Data analytics can be a crucial part of cost savings. Automation allows of the processes will allow identifying inefficiencies and optimising resource allocation, which in turn will reduce the operational costs while improving the overall efficiency.

Building Trust with Security:

Trust is the primary aspect of any BFSI industry. Therefore, safeguarding data is critical. Data analytics shall help in identifying security threats and vulnerabilities that can ensure the protection of sensitive information.

A competitive advantage in the BFSI industry is the capacity for quick, informed decision-making. Platforms for big data analytics and business intelligence provide the tools required to use data for tactical insights. BFSI institutions may prosper and offer their clients higher-quality services by analysing customer behaviour, managing risks, guaranteeing compliance, and remaining flexible in a market that is changing quickly.

Harnessing the potential of Big Data and Business Intelligence will be crucial for those who want to not only survive but lead in this data-driven era as the BFSI sector continues to change.

To Know more about the event: https: //bfsiitsummit.com/

Transform Banking. Transform Core.

As the world enters the cloud generation, mainframe-based banking platforms are nearing an evolutionary dead end. Slowly but surely, the bank’s entire technology ecosystem – from the programming languages, the operating systems, the hardware, to the way their IT organizations operate – will all be in need of modernization. The situation is worsened by the shrinking talent pool needed to keep the legacy systems alive.

The scale of the problem

Decades of M&A activities are further exacerbating the challenges facing the banking technology infrastructure as disparate, incompatible back-end systems collide. These complex systems can cost a bank billions of dollars to simply maintain. On top of ballooning operating costs, banks are also facing the threat of upheaval: frequent outages due to system upgrades, limited digital banking offerings, slow response and problem resolution, etc.

Focusing on products alone only exacerbates the problem

Many global banks with deep pockets are racing to double down on their investment in technology innovation. The proliferation of fintech companies is providing them with a lifeline and fueling the advancement of banking digitalization worldwide, especially in the payments sector. However, banks are quickly realizing that their hands are tied when implementing many new digital banking solutions.

Their efforts to plug in new products are crippled by legacy mainframe-based, monolithic architecture. Legacy core technology is simply not capable of delivering innovation in today’s digital society. To get to the root of the problem, banks need to get to the “core” of the banking system – the platform that underpins all of the banking applications.

The evolution of core banking systems

The first generation

The “first generation” of cores that emerged in and around the 1970s were built to emulate a model of banking centered around brick-and-mortar branches. These systems were monolithic in style and exclusively designed to run on expensive mainframes.

The second generation

In the 1980s, the emergence of new banking channels such as ATMs and call centers spurred on a “second generation” of banking systems. As consumer banking evolved to be less branch centric, banks invested heavily in retooling the banking systems to achieve high resiliency and handle significant throughput at low latencies. However, the underlying architecture remained largely unchanged.

The third generation

At the turn of the century, rapid adoption of online and mobile banking drove the arrival of “third generation” systems with a key requirement to handle 24/7 banking.

To address the 24/7 requirements, banks have changed systems to run in “stand-in” mode so that payments are buffered as the bank transitions over the end-of-day process. This approach added considerable complexity into the system as banks finding themselves building a bank within a bank to handle stand-in.

To meet the changing consumer and regulatory demands, some banks developed new features and products using modern programming languages, which paved the way for banks to ditch their expensive mainframes. Banks that didn’t want to risk moving away from their mainframes began to adopt a “hollow out the core” strategy, which involves pulling the product engine, along with other key capabilities, out of the core.

The result is that banks can rely on more modern products to solve some of the shortcomings of the legacy core, however the downside is that there is an increased operational complexity and integration challenge.

Introducing the fourth generation

With the efforts to fix legacy systems, there is one common limitation – given that they are all inherently monolith, they can only be scaled vertically. This fundamentally inhibits the banks’ agility and ability to reduce cost.

Moving to the cloud

The next generation of core banking systems must be built using a cloud-first approach in mind.

Cloud technology enables banks to manage their resources on demand, enhance the accessibility of customer data, while also offering the agility needed to process data in real time. Capacity is effectively limitless in the cloud. Banks that want to take full advantage of cloud infrastructure need to adopt cloud native principles – building a core that is written in the cloud and for the cloud.

Building cloud-native systems requires a microservices architecture approach, with which an application is split into autonomous chunks called microservices that communicate via APIs.

Real-time access to data

Core systems built with streaming APIs offer banks the ability to process data in real time using modern AI and analytics technologies, enabling them to respond to both customer and regulatory demands effectively and efficiently.

Gaining control of the product roadmap

Banks gain full ownership of their product roadmaps by separating the financial product layer from the platform layer within the core. They can update products and add new products without having to wait for changes to be made by a fintech, gaining tremendous flexibility and agility as they respond to fast evolving customer and regulatory demands.

In summary

To take control of the future, banks need to start with rebuilding their core in the cloud.

For more details, the full whitepaper can be accessed here.

The financial industry is evolving at a rapid pace, all thanks to technological advancements and increasing customer demands. If we were to discuss about one such innovation that has swept through the financial institutions and banking sectors, it would be the emergence of open banking and the development of APIs. Recent studies have revealed that the open banking market is anticipated to reach almost 159 billion US dollars by the year 2032, and currently open banking has a market share of nearly 45 per cent, which is a huge number altogether.

Now what exactly are Open APIs? APIs are basically a set of tools through which data is shared between different platforms. In open banking, APIs let third-party applications to retrieve financial data pertaining to the customers, thereby enabling them to create banking and financial services and products that cater to the needs and preferences of the customers.

The whole concept of open banking, that’s making a dynamic revolution in the finance industry, is purely based on the regulations such as The Payment Services Directive (P2D2), Competition and Markets Authority (CMA), and in select countries, the central banks regulates it. Together, the Open banking system as well as APIs have become the pillar of the financial industry and are equipped to uplift the fintech sector.

Benefits of Open APIs and Open Banking :

• Rise in competition:

Open banking generates more competition in the financial industry as it allows third party suppliers to offer new and inventive financial products and services. This increased competition offers great advantage to the customers by giving them access to multiple options in the financial market, as well as the banks by motivating them to improve the services that they offer.

• Better Customer experience:

The main purpose of open banking is to improve customer experience by letting banks provide products and services that are more tailored and seamlessly easy to use. For instance, third party apps create apps that allow consumers to access their necessary financial statistics and make payments without having to go through the hassle of switching between apps.

• Compliance with regulatory framework:

Open banking is regulated by various government authorities, namely Competition and Markets Authority (CMA) in the united kingdom, Revised Payment Services Directive (PSD2) in European Union, and in certain countries it’s regulated by their respective financial regulatory bodies or central banks. This ensures that financial institutions and banking systems comply with data privacy, security regulations and protection of customer information.

• Stringent data security system:

Another great advantage of Open banking is data security. By providing third-party providers with a strong regulatory framework and controlled way of accessing customer data, there’s increased data security and elimination of any kind of data breach. This further improves customer loyalty and trust in the field of finance.

• New source of revenue:

Open banking widens the opportunity for financial institutions and banking systems to have multiple revenue streams by enabling them to offer financial products and services or by sharing customer data with third-party developers, allowing for monetization.

Challenges of Open Banking and Open APIs:

As open banking and banking APIs are directly dealing with the personal data of customers, there is a possibility of challenges to occur in relation to regulatory compliance, data privacy, etc. Banks and third-party providers should carefully manage the sensitive data and keep in mind the regulatory requirements.

While open banking still faces challenges, the perks and benefits of open banking and bank APIs clearly overpower the challenges. As these technologies are largely adopted and used, more and more innovative products and services can be created to meet the rising expectations of the consumers.

 Conclusion:

To summarize, open banking and API integration play crucial roles in transforming and modernizing the finance sector. By linking both banks and third party providers, customers can have great command over their finances and access numerous advanced banking and financial services which would otherwise would not have been possible.

Thus, The future of these tech-driven services holds significant potential. We are sure to see a drastic shift in the way customers interact with numerous banking and financial services.

If the above blog intrigued you to learn more about the latest tech trends and its implementation in the BFSI Sector, make sure to attend the upcoming event curated for industry experts who are on the lookout to seek tech-driven solutions from notable speakers.

To Know more about the event: https: //bfsiitsummit.com/

In today’s digital era, The financial services industry is growing and transforming exponentially and this change is fueled by incorporating advanced technologies like Machine learning and AI in financial services. Across various sectors of financial services, about 75% of them incorporate the usage of at least one significant AI use case to accelerate their outcome. AI-enabled applications are empowering insurers, fin-techs, banking institutions to deliver top-notch services as well as increasing their market share.

In this blog, we will dive into the contributions offered by AI and Machine learning in the wide landscape of finance and analyze the capabilities as well as the benefits that they bring forth. Keep reading if you are keen on exploring the impact of AI in the financial sector and reap lucrative fruits from the knowledge you consume in the following points.

1. Better and improved Financial Surveillance:

Financial monitoring or financial services are vital for every organization to prevent fraudulent activities from occurring. By leveraging AI and Machine Learning algorithms, financial data can be systematically collected and examined, preventing money laundering activities by detecting frauds.

This enables financial institutions to ensure adherence to rules and regulations and thrive in their respective sectors.

2. Provides Top-notch Financial Advisory service:

Many people are indulging in passive investment today, and this very interest of people has made fin-tech companies invest in AI solutions. What sets Robo-advisory apart is its ability to provide useful suggestions and tips based on the preferences of the investors. AI automates the entire investment process, so the only thing the investors have to be concerned about is depositing money into the account.

This is a major advantage for those who are not proficient in handling investment activities on their own. So if you’re someone who wishes to excel in passive investment without having the thorough knowledge of financial analysis, then this AI use case is here to make your investment process seamless and easy.

3. Enables Risk Management:

By using machine learning and AI in financial services, the risk levels involved can be minimized by examining extensive data sets from multiple sources. Machine learning tools can get access to data sources during assessment of loan applicants and their creditworthiness.

As a result, Companies can get insights to make relevant adjustments in the loan terms by predicting the customers who are at a higher risk of loan default.

4. Compliance with Rules and Regulations:

The biggest obligation of a financial institution is to follow the rules and regulations that govern the financial processes. If a bank specialist omits a detail in the reports, it may result in minor issues or even cause severe consequences. But with AI’s intervention, data sets are accurately examined by taking into account the different rules and regulations.  

5. Drives Process Automation:

Automation in financial activities is proved to reduce tedious tasks which are usually done manually by employees in financial sectors. Tasks that involve document preparation and examination of client information can be accomplished in a matter of seconds with the help of AI automation.

Conclusion:

In conclusion, Machine learning and AI-enabled applications have had far-reaching positive impact on the financial service sectors. By exploiting the power of data and algorithms, AI and machine learning assist in improving risk management, fraud detection, compliance of rules and regulations, etc.

Additionally, using AI in business leads to the development of smart and inventive products and services like robo-advisors which modify the way people interact with financial markets. However, It’s imperative to use these AI tools responsibly without tampering with the extracted data. Continued research can play a key role in increasing the advantages of these tools, making sure they’re sustainably and responsibly used.

The upcoming 19th edition of BFSI IT Summit India can provide you with detailed insights on the latest digital trends to be integrated in your finance operations. Don’t miss out on the chance to get enlightened by industry experts on how to digitize your financial space.

Are you ready for an unforgettable experience at the BFSI IT Summit in Singapore? Get ready to hear from some of the brightest minds in the banking, financial services, and insurance industries on May 12th, 2023.

The theme of this year’s summit is “Transitioning into the Future with Web 3.0, Cloud, and Cybersecurity.” As part of this, attendees can expect to hear about a range of exciting topics, including:

• Open banking in Southeast Asia: Learn how this new regulatory framework is enabling innovation and creating new opportunities for banks and financial institutions in the region.
• Fin-tech as a gateway of innovation: Hear from experts about how financial technology is changing the way we think about banking and financial services, with insights into blockchain technology, and other FinTech innovations.
• Customer experience powered by technology: Discover how banks and financial institutions are leveraging technology to deliver personalized and seamless experiences for customers in the digital age.
• Transitioning into Web 3.0: Get insights on how blockchain can be used for faster and secure and cost effective transactions and how Metaverse will change the way banks interact with customers. 
• Governance practices translating into growth and advancement: Discover how strong governance practices can help organizations achieve growth and success, particularly in light of the increasing importance of cybersecurity and data privacy.

And that’s just the tip of the iceberg!

With an impressive lineup of speakers from some of the most prominent organizations in the BFSI sector, you won’t want to miss out on the insights and experiences they will share. Some of the featured speakers include:

• Bhagyesh Chaubey, APAC & EMEA Head- Data Quality and Stewardship | CDO, Personal Banking & Wealth Management, Citi Bank
• Sourabh Chitrachar, Director- Asia Technology Strategy & Operations, Liberty Mutual Insurance
• Arjun Chib, MD Global Head, Consumer, Private, and Business Banking On Boarding Operations Hub, Standard Chartered Bank
• Reuben Lim, Chief Operating Officer, Singapore FinTech Association
• Akashdeep Saksena, Vice President, OCBC Bank
• Thao Dang, Head of Data & AI and Enterprise Moderation, Platforms and Cloud, Thoughtworks SEA
• Kevin O’Leary, Managing Director & APAC Regional CISO, JP Morgan
• Viren Mantri, Chief Information Security Officer, Standard Chartered Bank
• Frankie Shuai, APAC Regional Information Security Officer, DWS Group
• Jonathan Chan, Head of Launchpad, Julius Baer
• Ashish Verma, Vice President Data Tech, DBS Bank
• Orlando Parish, Head of Enterprise Architecture APJ, Docusign

Don’t miss out on this incredible opportunity to learn from the best in the industry and network with other professionals.

Register now for the BFSI IT Summit in Singapore on May 12th, 2023, and get ready to take your career to the next level!

Visit – https://bfsiitsummit.com/singapore/

To know more about Business Events, contact us at Exito Media Concept Pvt Ltd

The Singaporean banking sector has long been a powerhouse in Southeast Asia, playing a pivotal role in the region’s financial landscape. Trends in this dynamic industry have evolved considerably in recent years, driven by factors such as technological advancements, changing customer expectations, and mounting regulatory pressures.

Factors such as a sound economic and political environment, conducive legal and tax policies, reputation for integrity, and strict enforcement against crime and money laundering, have contributed to Singapore’s status as an International Finance Centre – the third largest in Asia, after Japan and Hong Kong.

Consequently, banks in Singapore have been grappling with a myriad of challenges in a bid to maintain their competitive edge and cater to the diverse needs of their clientele. This dynamic environment presents both opportunities and challenges for local institutions as they seek to remain competitive and maintain their foothold among international players.

Amid an uncertain outlook, Singapore banks are likely to go slow on acquisitions after striking multiple deals in the past few years. The banks’ executives have said they plan to focus on integrating their recent purchases instead of doing big deals.

Unforeseen geopolitical shifts and changing competitive landscapes have presented the Singaporean banking sector with immense opportunities to develop. According to a recent survey, entities are likely to be interested in investing in AI for both medium and long term.

Thus, increasing the acceptance of AI technologies, coupled with advanced financial analytics and ML, has led to massive investment in the development of AI technologies to improve financial operation and end user experience.

Artificial Intelligence in the BFSI Market size valued at USD 20 billion in 2022 and expected to exhibit a CAGR of 20% from 2023 to 2032 owing to increased investments toward implementing AI solutions and services in the BFSI sector.

By end use, the artificial intelligence in BFSI market share from the bank segment will expand, as the mounting deployment of AI technology by banks for a variety of new applications owing to the soaring digital engagement by evolving customer behaviors.

 A Research forecasts Singaporean banks’ net profit to rise between 20% and 37% year over year in 2023. Analysts expect the banks’ net interest margins, a key gauge of profitability, to climb to between 2.1 to 2.2%, the strongest in more than a decade, before peaking later this year.

Banks must also embrace innovative technology as a way of staying ahead of the competition and as a means to reimagine banking. The emergence of digital banking has allowed financial institutions to offer services online, including investments and electronic payment systems.

These digital functionalities have allowed banks to compete with insurance providers as well as other financial service providers, further increasing competition in the sector. Retaining talent has also become a challenge for financial institutions in Singapore due to competition from both within and outside the country. To combat this, financial institutions are investing heavily in upskilling their staff to deepen their capabilities and remain competitive in the global market.

The banking sector is an important part of the Singaporean financial sector and is facing numerous challenges, including customers’ expectations, customers’ employees and the raise of quality of services. Amid an uncertain outlook, Singapore banks are likely to go slow on acquisitions after striking multiple deals in the past few years. The banks’ executives have said they plan to focus on integrating their recent purchases instead of doing big deals.

One of the key challenges faced by the industry is the increasing prevalence of digital disruptions, which has led to heightened competition from fintech companies and other non-bank establishments. Moreover, stricter regulatory requirements and pressures to maintain compliance are placing additional burdens on financial institutions, resulting in the need for constant innovation and adaptation.

With the rise of cyber threats on the digital front, ensuring customer information and financial data security remains a top priority for financial institutions in the country and it prompts the sector to heavily invest in advanced security measures, raising operational costs while attempting to secure their customers’ trust and confidence in the digital age.

Over the next four years, the costs associated with cybercrime ($10.5 trillion annually by 2025) are estimated to exceed worldwide cybersecurity spending ($267.3 billion annually by 2026) by 40 times.

Today, competition invites banks to innovate continuously. In order to innovate anywhere and everywhere, hybrid cloud is instrumental. Yet, most banks are still early in their journey to hybrid cloud. Banking organizations have “room to grow” as they progress from a “lift-and-shift” approach to migrating workloads for cloud optimization.

While technology transformation is essential to deliver healthier operating costs, re-platforming existing workloads with a “lift-and-shift” approach delivers only limited benefits. Attempting to harvest immediate cost savings from hurried cloud migrations largely means missed strategic targets.

As financial institutions embark on new initiatives to remain competitive, cost and efficiency efforts will remain high on the list in 2023. While it’s tempting to approach this endeavor incrementally—and that is a viable approach—the strategy itself must be more holistic to increase the depth and speed of success.

18th Edition of BFSI IT Summit https://bfsiitsummit.com/singapore/

To know more about : Business Events, contact us at Exito Media Concept Pvt Ltd.

Technology has modulated the way the Banking and Financial service industry operate. Over the years, the banking industry began to embrace technologies such as Artificial Intelligence, Machine learning, Mobile Banking, RPA and Blockchain with a view to leverage existing data and transforming customer experience. The role of innovation in bringing automation to the industry has been crucial. The use of technology has been a great contribution to the BFSI Industry as it builds major customer experience for faster and better results. This brings convenience to the banking and financial services.

The recent trends in banking have enabled a new generation of financial startups to emerge. There’s no doubt that technology is making the financial world more effective and efficient, and adoption of technology is essential to realize the true potential of this sector.

Here Are a Few Ways That Technology Contributes to Innovation in BFSI Industry:

1. AI and Machine Learning:

The technology in AI and Machine Learning is evolving at a fast pace, through this we can transform into smarter beings. Machine learning is one of the prime areas of AI. With machine learning, we can analyse thousands of programs to build an algorithm based on the goal in mind. Overtime, AI and Machine Learning have built an immense potential for detection of financial fraud with networks as it helps identify fraudulent data patterns in new transactions that can help humans and now machines solve problems. A computer system improves the capabilities that have become valuable in helping companies transform their processes and products. Although technology takes over adaptability in nature, AI and machine learning helps the computer system achieve consistency through deep learning.

2. Mobile Payments:

Mobile payments have emerged as a solution for all kinds of payments as they are set to makeup 39 percent of all point-of-sale transactions by 2025. Mobile payments show a direct relationship between ease of use and convenience as digital currencies have now become prominent through mobile money. Customers have moved towards their mobile phones to conduct banking transactions as it opens the door to greater economic inclusion in a region. This form of banking has played a major role in rectifying by internet-enabled devices like smartphones, tablets and watches.

3.Cloud Computing:

Cloud computing provides essential data that is mirrored on the providers network that can also be stored through various organizations. In simpler words, rather than managing files and services on a local storage, you’ll be doing the same over the internet at a low cost. Computing solutions are offered by the service providers for developing and managing applications as there are several service models to handle the applications and the data for the Business operating system.

4.Blockchain: A blockchain is a distributed database or ledger that is shared among the modes of a computer network. As a database, a blockchain stores information electronically in digital format as blockchains are best known for their crucial role in cryptocurrency systems. A system in which a record of transactions are maintained that is highly secured and assists in tracking assets in a business network. Thus, BFSI Industries have developed the latest technological trends in banking through decentralising various channels in order to make payments.

5.Data analytics:

Application of data analytics has now become an integral part in the BFSI Industry.Tech Companies are looking forward to conduct a lot of research to work around various use cases of Artificial Intelligence in Finance. Typically, AI is used everywhere on a channel side wherein customers interact with the bank through various tools and technologies to collect, process, and analyse raw data within the banking industry. A huge data engineering transformation is happening all across the organisations in the system which look into big companies where the e-commerce process their data. Data analytics is widespread as people are talking about transferring data in minutes and seconds creating real time decision-making. This requires data to give better experience to their customers.

These are just some of the technologies that serve as catalyst to Innovation in the BFSI Industry. With technological advancement increasing, more innovation in the industry can be expected.

18th Edition of BFSI IT Summit https://bfsiitsummit.com/singapore/

To know more about : Business Events, contact us at Exito Media Concept Pvt Ltd

Overtime, Cyber Security is becoming a prominent issue for organisations around the world. The cyber security sector is crucial, especially when it comes to financial firms as it saw the highest volume of cyber threats incidents over any industry including communication technologies, manufacturing, retail and professional services. In a high profile event, we demonstrate that cyberattacks are caused due to service disruption, substantial economic loss, which leads to exposure of sensitive data. Financial institutions have been a leading target for cyber attacks as the evolution of cyber threats strengthens their defences.

It is essential to widen cyber security strategies that are increasingly sophisticated and diverse which further contribute to the financial sector. We’ve seen websites facing attacks such as money transfer systems that have made headlines like in 2016 when attackers stole 81 million dollars from the Central Bank of Bangladesh. As fast as we are adopting new financial technologies, hackers are finding ways to penetrate those systems. This is because they understand how to conduct fraud and manipulate data. Organisations are responding by shifting from passive cyber defence to more active cyber defence strategies. Passive strategy is largely reactive, whereas, an active strategy involves going outside your network and directly engaging with the hackers who have tried to cause you harm.

Currently, we are seeing the financial sector look into military intelligence agencies for different types of active cyber defence strategies. Financial firms are largely adopting AI to combat this threat and actively investing in AI and ML, which are ideal for pattern recognition. These technologies can undercover the patterns of criminality that enable them to go hunt these fraudsters. Technology presents the best opportunity to leverage the skills in helping them to overcome security challenges to focus on federal and slave to local government. Remote workers are a big threat to many companies these days. This is because it is becoming increasingly complex to handle their updates and patches on mobile management for the systems. This in turn makes a big difference when it comes to enterprise security.

In today’s digital world, net security is present to help you with both software and hardware protection, in order to ensure a protected environment and secured network connection for all remote employees. Main Stream Media (MSM) specialises in vulnerability management and compliance expertise. Their advisory level staff can help you build-up programs, protect your data and your reputation that help safeguard you against cyber security threats. Hence, regulatory non-compliance MSM net security is certified at both state and federal levels by checking it on the web for more information and clarity.

There are a broad range of attackers and attacks faced by the financial service companies. The financial sector is now faced with the necessity to develop a contextual understanding of risk targets and their relative susceptibilities. It’s hard for hackers to reach the target at bank where individual effort is put in and try to use the individual money to gain their success. Cyber Security Strategy is a plan for managing organizational risk according to the defence. For the organization to meet the business or objective, it is necessary to have a plan to minimise the attack and for a financial company. It is also essential to protect its customer data which as many sectors have experienced multiple breaches. As a precaution protect your data and networks from both outsiders and from employees who may tempted to use company information or resources for personal gain.

Over the last decade, Asia has witnessed a digital revolution in banking and financial services and is quickly adapting to this revolution. This has changed the way people bank and manage their finances, making it simpler and more secure. It is transforming how companies operate and compete in this industry.

The digital revolution in Asia has also changed the landscape for new players to enter the industry, with the number of fintech companies rising year by year. As a result, Asian economies have advanced significantly, leapfrogging into new technologies. For example, the total amount paid for goods and services in China via mobile payments in 2016 alone was $790 billion, 11 times higher than that in the United States.

Financial technology can also aid potential growth and poverty reduction by enhancing economic development, inclusivity, and efficiency. Fintech can assist millions of people and small and medium-sized businesses gain affordable access to financial services, especially in developing nations. These technologies may potentially help the banking industry achieve significant efficiency benefits. They can, for example, offer cross-border payments that lower risk and costs.

The banking sector was one of the first industries to be disrupted by technology, with innovations such as mobile banking apps, net banking, and contactless payments. Additionally, the global pandemic of Covid-19 has accelerated the pace of digitization in Asia as more central banks adopt digital banking to foster better financial inclusion.

With this change came a shift in customer expectations when it comes to customer service- now, customers want more sophisticated services that are available at any time of day or night. According to a McKinsey study on personal financial services, Asian consumers are getting more comfortable utilizing mobile and internet channels for banking services, with usage increasing by more than 35% on average over the last three years. This has led banks to invest heavily in new technologies that can help them meet these demands in Asia.

Several approaches to the Asian banking sector have been utilized to achieve this. Connectivity, automation, innovation, and decision-making are the primary four interconnected, mutually reinforcing factors. Connectivity is the term used to describe how banks may leverage fast-increasing social networks to promote loyalty and disrupt competition. The application of digitalization in process re-design for a better customer experience and more efficient use of resources is referred to as automation. Given the quick speed of change in the sector, innovation relates to how banks should continue reinventing themselves. Decision-making uses big data to make better, quicker, and more accurate judgments about customer purchases and bank decisions about risk.

Conclusion

The digital revolution is transforming the banking and financial services industry in Asia. Digital transformation is driving the change in this industry and has been changing the way people bank and invest, how they manage their finances, how they borrow and lend money, as well as how they get access to financial services.

While the digital revolution is unavoidable, the policy will determine whether you succeed or not. Policy solutions must strike the correct mix between promoting digital development and mitigating hazards, and reforming the education system to meet the demand for more flexible skills and lifelong learning and new training, especially for the most adversely affected workers. Investing in physical and regulatory infrastructure that spurs competition and innovation and addressing labor-market and social challenges such as income redistribution are just a few policies that can help harness digital dividends.

The global financial sector is scaling at a rapid pace as it is undergoing a digital transformation, fueled by new technology, shifting customer behavior, and disruptive fintech competition. The Covid-19 pandemic and the subsequent desire for further digitization have boosted the need for better technology in the industry.

However, in the Southeast Asian region, home to an estimated 661 million people, only 52.64 percent of these people have bank accounts. This is mainly due to the lack of financial inclusion in the region. Financial inclusion refers to the ability of individuals and families to access and use basic financial services, such as savings accounts or credit, regardless of their income levels or location.

Cloud banking is the technology that can enhance financial inclusion in Southeast Asia and has the potential to help banks and financial services providers to provide better services to the underserved population of the region.

How can cloud banking enhance financial inclusion?

Cloud computing uses shared resources and virtualization to improve financial inclusion by providing the infrastructure that allows banks to offer their services at a lower cost, making them more accessible to individuals with low incomes.

Financial institutions benefit from their flexibility, scalability, and operational resilience. It enables them to provide underserved and unbanked areas with cost-effective digital financial services like money transfers, loans, and insurance. It also allows for cost-effective scaling, facilitating the supply of inexpensive products and services to large numbers of unbanked consumers and small companies.

By allowing more significant innovation, cloud computing may help to promote financial inclusion and drive economic and social progress. Companies like Amazon Web Services(AWS) also assist financial companies across the area with their infrastructure needs and provide advanced payment options. At the same time, others are using this to empower small and medium businesses, lowering bureaucratic hurdles and developing new growth models.

Policymakers around this region are enacting forward-thinking policies to boost digital finance innovation. Some nations’ regulators have put in place principles-based outsourcing frameworks to allow cloud service providers to provide novel infrastructure services.

Cloud advancements may give the drive that has so far been absent. Cloud computing can aid incumbent financial institutions’ digital transformations as well as new challenger fintech’s market debut by delivering high-volume, high-intensity computing capacity that enables digital financial services.

Conclusion

Cloud banking is a cutting-edge technology that can enhance financial inclusion in Southeast Asia by offering many advantages for both banks and customers. It allows banks to operate with less capital because they do not need expensive infrastructures like servers and buildings. It also provides more convenience for customers because they can do their transactions from anywhere at any time with an internet connection.

In the past, banks had to invest heavily in infrastructures such as data centers and servers. But with cloud banking, they can use shared resources and pay only for what they need. This makes it possible for banks to offer their services at a lower price point and reach more customers who may not be able to afford traditional banking services.

Although banks have been hesitant to migrate to the cloud due to worries about security and privacy, policymakers have been cautious about the cloud’s potential for aggregated risk. However, in recent years, these challenges have been rectified, and Cloud computing is increasingly considered just as secure as on-premise computing.