Published on November 6th, 2020 | by Sumit Bhowal0
3 Ways Banking Technology Is More Secure in 2020
In a world where most people seem to be in a rush to get to the next thing on their to-do list, sales technology is essential for any business. After all, you want to meet your customers’ needs for speedy and safe transactions, and you want your employees to be able to move quickly between tasks for better productivity. Sales and finance technologies allow companies to send emails on a schedule, auto-dial customers when needed, use automated reminders, analyze data, and streamline sales transactions for themselves and their clients. Despite the convenience, some people are wary of new technology because they worry their banks aren’t secure enough. In most cases, though, nothing could be further from the truth. In fact, automatic banking technology is more secure than ever in 2020.
Banking With Artificial Intelligence and Machine Learning
Retailers are bit on using sales automation technology, but they aren’t the only ones. In recent years, banks, credit unions, and other financial institutions have started implementing artificial intelligence and machine learning into their automation processes. Despite their similar names, AI and ML are different and offer separate benefits.
AI is a vast science that focuses on teaching computers to behave as if they have human intelligence. It encompasses a wide scope that includes autonomy, human-computer interactions, computer audio and visual sensors, planning and proving research, and machine learning itself. ML is a much narrower study that focuses on computer programs automatically improving themselves based on algorithms. Together, these ever-improving technologies more quickly detect anomalies that could indicate fraud in individual and company bank accounts. If you have ever had a bank debit card flagged because you made a larger-than-normal purchase or initiated more transactions than usual, this is because AI and ML determined the behavior was out of the ordinary for your account and needed you to verify nobody had gained access to your accounts.
Banking and the Cloud
Retailers and other industries have been using the cloud as part of their business essentials for several years now, but financial institutions have been slow to adopt the same technology due to fear that it isn’t as secure as other technology. That’s beginning to change in 2020, though. Banks are realizing that cloud computing is no more of a security threat than other technologies. In fact, cloud providers and industry experts have turned security services into a commodity. Banks no longer need to build their own secure encryption because they can implement it with the click of a button. Out-of-the-box security means financial institutions can implement or retrofit security features more quickly and more easily than before. The result is stronger security for customers and better technology for banks, all while still adhering to banking regulations.
Banking and Biometric Security
Some banks and devices have been using biometrics for years, but now nearly all mobile and wearable devices have biometric security options. This means more people want to use their devices’ payment functions, which means an increasing number of banks need to introduce biometric security to their ranks as well. Currently, biometric payment options use fingerprints and facial recognition and are typically only available to consumers. However, financial institutions and the cybersecurity industry are working hard to make it easier for corporate clients to gain access to the benefits as well. The expectation is that commercial payments will be more secure and easier to process.
They may have been slow to realize the benefits of artificial intelligence and machine learning, but financial institutions around the world are expected to continue to improve technologically in 2020 and beyond. In fact, Visa’s use of AI has already proven to reduce its global fraud to less than 0.1%. While it’s true that cybersecurity threats will never go away, financial institutions work just as quickly and diligently to stop threats in their tracks and keep your company’s financial information safe and secure. As time goes on and technology advances, it will become even easier to integrate your sales automation tools with your company finances, making your job easier and your customers’ experiences better in the process.