As we approach the latter half of 2019, key trends are emerging across the banking industry. With new technology changing how people interact with and utilise their banking services, new threats to online banking security and data privacy taking priority.
Some major changes are happening in the industry, with effects that’ll be felt for years to come. Here are four of the biggest trends shaking international banking in 2019.
Technology Will Crystallise
Right now, both online and physical banks are habitually releasing new platforms, online services and different approaches utilising modern tech. Online banking is a vital piece of the puzzle, but with all these different approaches and ideas surrounding the technology and innovation, it can be a little confusing to the consumer.
As we move forward, the technology supporting modern banking will start to crystallise and standardise, with the platforms starting to prioritise multiple functionalities, incorporating a basic and reliable standard of security, combined with services that have historically been a little behind, such as AI banking services, beginning to catch up.
Online Fraud and Theft Threats
As online and mobile banking continues to dominate, there’s one thing we can 100% be sure of in terms of banking trends. Online fraud and theft threats will continue to grow, with hackers and cyber-criminals targeting new technology and habitually probing for weaknesses.
As innovations like AI-driven banking services become more commonplace, security must keep up to make sure banking stays secure against online fraud and theft threats.
Privacy is Paramount
GDPR swept into Europe in 2018, and it doesn’t just affect European citizens. Any business dealing with the data of individuals living within Europe needs to have the relevant levels of security and privacy protocols surrounding that data.
That’s old news now. As we move forwards, data privacy is only set to get more important, and banks hold a lot of incredibly sensitive, potentially valuable data going.
It’s not just data banks are storing either, but data that passes through the bank’s hands and onto third-party users. Customer consent, encryption and security and third-party authentication processes are all a must going forwards.
Major Focus on Security Development
As mentioned previously, security development is unavoidably important going forwards. Security, both physical and digital, has always been a vital part of banking, but as all the major banks start to implement new technologies, new avenues of security weak spots potentially open up.
All banks need to be investing in security development, whether that’s to counter cyber crime or simply ensure that their customer’s data is kept completely safe. With many new threats and regulations to deal with, security is more important than ever. Fortunately developing future-facing, powerful security features is always going to be a major trend.