Security in digital banking is all about convenience and trust

MADHUR BHARGAVA | May 12, 2021

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The increasing use of mobile applications and digital payment services has not only paved the way for new banking models, but also highlighted the importance of user experience in digital banking. Banking applications are now developed completely on cloud, support multiple platforms, and use AI/ML extensively. Security, a critical aspect of digital banking, has transformed with innovative capabilities like self-service identity verification, passwordless access, risk-based multi-factor authentication (MFA), behavioral analytics, and encryption capabilities.

The underlying reason for developing the above-mentioned capabilities is to provide consumers with a secure banking experience, where they can access their financial data without fear and conduct transactions with ease. For the bank employee, it is all about working with the latest digital services and securely accessing them from anywhere. It is important to understand that user experience, be it consumer or workforce, is all about providing convenience and establishing trust. Only then can a financial institution remain ahead of the competition.

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IOActive is the only security consultancy with a global presence and deep expertise in hardware, software, and wetware assessments. Our mission is to make certain your enterprise is more secure in an era of pervasive and emerging threats. Passion and pride through quality client work is something money simply can't buy. IOActive has spent more than a decade searching for the required blend of characteristics and work ethic that comprise a world-class, international security services team. We are firmly committed to staying on the competitive edge and offering unrelenting value; it's something our customers have come to rely on over the years and can depend on in the future. In fact, IOActive is the only firm in our industry that offers a 100% service satisfaction guarantee.

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