Digitalization, demanding customers and new competitors: the pressure on providers of financial services to consider making fundamental changes to their business models is continually on the rise. Eberhard Rohe, Account Director Business Development Banking and Insurance at Retarus outlines the three biggest challenges which traditional banks in particular have to set for themselves today: <\/p>\n
In the meantime, artificial intelligence, big data and data analytics now provide banks with numerous advantages, especially when it comes to customer experience and satisfaction. Yet those same trends also pose one of the biggest challenges banks are facing in terms of IT security. This is largely due to the rising number of threats and ever more sophisticated methods of attack. \u201cBanks have to be well aware that there is no one hundred percent foolproof protection. Once it has found its way into a user\u2019s inbox, malware spreads unhindered throughout the entire IT infrastructure. In most cases, administrators and the users themselves only find out about the threat once the damage has already been done,\u201d explains Rohe. Experts agree that banks can\u2019t get around deploying additional security mechanisms to complement their conventional virus scanners. Retarus\u2019 Patient Zero Detection\u00ae<\/sup> technology<\/a>, for instance, is able to retroactively identify recipients who have been delivered emails containing previously unknown, and therefore undetected, malware. This gives administrators the opportunity to identify the impacted systems quickly and take action before the malware has had the chance to spread across the enterprise network. <\/p>\n
Another challenge for finance institutes is identified by Rohe in connection with new finance technologies: \u201cAn increasing number of fintechs are pushing their way onto the market, increasing the pressure on established banks to take action. These young companies are offering particularly customer-oriented financial services with the assistance of innovative and highly technological systems.\u201d One stated goal of fintech companies is to shake up the finance market with more efficient, flexible and inexpensive services. \u201cMany conventional banks see fintechs as a threat to their business models. In order to remain competitive, traditional institutes will have to fundamentally rethink their business strategies and work together with the upcoming new businesses,\u201d Rohe advises. For no matter whether conventional bank or fintech, ultimately the future of finance companies will depend on how quickly and flexibly they are able to adjust to meet new requirements from the market – and how they are able to help shape these expectations. Discover more details about the Retarus Cloud Services for Banking here<\/a> or from your local Retarus contact person<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"