IT in financial services ensures companies provide a high-performance, secure, and cutting-edge customer experience. Technology is central to the sector, from mobile banking to fraud detection. IT professionals can apply their expertise to improve and innovate financial services.
Cybersecurity for Financial Data
Cybersecurity is one of the most important functions of IT in financial services. Digital financial platforms and service options are convenient for customers but can pose significant security risks. As of 2021, finance is the No. 1 industry targeted by cyberattacks worldwide. A single data breach can cost millions and compromise thousands of customers’ data.
IT professionals can provide invaluable data security expertise to minimize the risk of a successful cyberattack. Security must be baked into every feature of financial services today, so IT experts should be part of the design, testing, implementation, and monitoring phases.
The sheer volume of attacks targeting the finance industry means IT professionals must utilize the most secure tools and frameworks. Zero-trust cybersecurity can be an excellent fit for financial services, but balancing security with customer convenience can be challenging. IT departments find login and authentication solutions that are easy to use without being easy to hack.
A few options exist depending on the device and platform. For example, companies should avoid authenticating login attempts via text message due to the growing popularity of SIM-swapping schemes. Biometric authentication methods and MFA are more secure options.
IT professionals can also partner with authentication app services so customers can secure their financial apps and website logins with familiar security tools. Today’s most popular options include LastPass, Microsoft Authenticator, and Google Authenticator. Utilizing the security features of these existing apps improves customers’ convenience while also providing a secure login method for financial services.
Innovative Features and Tools
IT professionals are integral in designing financial services that meet customers’ needs with innovative features and tools. Customers expect technology to be part of their monetary activities today, whether banking online or using AI to recommend stocks to invest in. IT professionals can ensure customers get a cutting-edge experience by integrating new technologies into financial services and platforms.
This isn’t limited to mobile banking apps, either. For example, IT professionals can use technology to build financial services that help customers make wiser investment choices. An estimated 40% of households receive inheritances, which can be put toward countless investments, such as college funds or debt payments. IT pros can use AI tools to give customers instant inheritance investment advice based on their current debts and financial priorities.
Technology can also ensure financial services include emerging payment options showing strong customer demand. Many people are using peer-to-peer payment platforms in place of cash today. Venmo is currently the industry leader in this niche, but many other apps, such as Apple Pay and Facebook Messenger, include these features.
IT professionals can add this option to their financial service platforms to improve customer convenience while ensuring security. AI and identity authentication tools can verify that payments only go to legitimate users.
Another increasingly popular feature customers are looking for is additional privacy options. People are more aware of data security and online risks today than ever. Many users will choose one app or service over another based on the strength of data privacy. For example, 96% of users opted out of advertising tracking after Apple released a safety feature to iOS users in 2021.
IT professionals can give customers privacy and peace of mind by using tech to add data privacy features in financial services. Responding to customer demand with tech-powered updates can help companies get ahead of the competition and build customer trust.
Optimized Convenience and Performance
Good performance is crucial for building customer trust and satisfaction with financial services. If an app or website isn’t running well, people will doubt whether it is secure, reliable, or legitimate. Poor financial service performance can drive clients away, so involving IT professionals in platform optimization is critical.
IT professionals’ expertise is valuable for various applications in financial tech. For example, they can ensure basic functionality across all the devices a customer might want to use. Surveys show 78% of people prefer banking on a mobile app or website rather than in-person. Satisfying this large majority of clients requires smooth, user-friendly mobile websites compatible with smartphones and tablets.
Financial services’ convenience and performance can also determine market competitiveness. IT professionals can use emerging technologies like AI to outperform competitors with new features and a more responsive user experience. For example, AI fraud detection tools often catch unauthorized transactions faster than conventional methods. Financial services with cutting-edge features like this will perform better for customers by ensuring a minimum level of safety.
Smarter Financial Services With IT
IT professionals are a vital part of today’s finance industry. Their expertise helps businesses ensure their offerings are convenient, user-friendly, and secure. IT pros can provide a cutting-edge experience for customers by integrating emerging technologies into the next generation of financial services.
FAQ
A: IT streamlines processes, enabling faster transactions, secure online banking, and personalized services that cater to customer needs.
A: Mobile banking apps allow customers to access accounts on the go, make quick payments, and receive real-time updates, enhancing convenience.
A: IT employs robust encryption, multi-factor authentication, and constant monitoring to protect customer data from cyber threats and breaches.
A: Yes, IT enables chatbots, online help centers, and automated customer support, leading to faster query resolution and improved customer satisfaction.
A: IT analyzes customer data and behavior, facilitating tailored financial recommendations, investment insights, and personalized banking experiences.
