Financial institutions have always carried a lot of responsibility, but that has grown in magnitude with the proliferation of big data. Now, companies can track each step of their customer’s journey from initial engagement all the way through operational activities.
While this knowledge can help banks, financial advisors, and other financial service organizations optimize processes for better customer service and loyalty, it can also slow down operations or invite risk if it is not properly managed.
Because many firms work with data using legacy architecture, moving this data can be complicated, costly, and adverse-event-prone.
The answer to this problem is not to back away from big data, but to employ a potent mix of cybersecurity and financial data management to mitigate risks, ensure compliance and data protection, and get the most benefit from data-heavy processes.
Mixing Cybersecurity and Financial Data Management for Success
Leaders in the financial field are facing new trends that are impacting the way they run their businesses — data security and financial crime, evolving regulations, and data governance.
To stay abreast of these challenges, financial executives must not only consider the security of the data they harvest, but also explore solutions that can give them better control and visibility — and greater compliance with emerging regulations.
Three basic considerations for financial firms include:
- Securing Sensitive Data for Increased Compliance and Safety
The coronavirus pandemic opened a Pandora’s box as clever hackers took advantage of global disruption to increase cyberattacks. With hacking up 400% since the pandemic began, losses for many organizations have mounted and consumer confidence has plummeted, causing many businesses to take a closer look at their cybersecurity standards.
For financial institutions, having a strong cybersecurity protocol or protocols in place is essential, as these organizations face compliance standards set forth by several pieces of legislation, including the Sarbanes-Oxley Act (SOX), Gramm-Leach-Bliley Act (GLBA), Payment Card Industry Data Security Standard (PCI DSS), and others.
Broadly speaking, these regulations require financial institutions to be able to manage and police all activity related to the sensitive customer financial data and information they collect. Cybersecurity strategies such as encryption, remote management, access control, firewalls, multi-factor authentication and managing security updates and patches are critical.
- Managing Data for Better Financial Outcomes
Managing data is more than just collecting it in a file — it means being able to collect, store, share, search, and protect that data through every step of the customer journey.
For this reason, more companies in the financial sector are opting for document management systems (DMS) that can help them gather and manage their customers’ data in an efficient, reliable, and safe manner.
By adopting these strategies, financial firms can empower employees to make better informed decisions, which can translate into better outcomes for customers and, in turn, a higher level of customer loyalty.
Choosing a unified data model, moving all data to this single platform, and then building workflows and processes around this hub will bring opportunities to increase transparency and security, encourage flexibility, and assist in achieving company benchmarks and goals.
- Unite Management and Security for Better Governance
Data governance for financial firms is a mix of both risk management and compliance, with the idea of considering data a corporate asset and managing it through company-wide data programs as the basis.
Through proper deployment of cybersecurity and data management best practices, your financial firm can gain a firm grip — and a competitive advantage — when it comes to data-based resources.
Let the Perry proTECH Team Help You Manage Your Data
Because of the sensitive nature of the data it handles, the financial industry is under pressure to protect and manage its data resources under the auspices of various regulations and regulatory bodies.
With more data becoming available all the time, managing it using paper-heavy processes is often cumbersome and risk-prone.
At Perry proTECH, our team of IT experts can help you manage all aspects of your data collection, storage, and management using one or more of our products or services.
We offer full-scale Managed Network Services alongside Document and Print Management solutions that not only allow you to access the full power of your collected data, but also offer cutting-edge cybersecurity protections to keep your data safe — and compliant.
Safely manage, control, and explore the power of your data. Contact a Perry proTECH consultant and let our team of experts help your financial firm expand your productivity, efficiency, and data protection.