Sepoy-logo
No Result
View All Result
Saturday, January 28, 2023
  • Home
  • News
  • Business
  • Health
  • Tech
  • Lifestyle
  • Economy
  • Crypto
  • Travel
  • Home
  • News
  • Business
  • Health
  • Tech
  • Lifestyle
  • Economy
  • Crypto
  • Travel
No Result
View All Result
SEPOY.NET
No Result
View All Result
Home Tech

This Is the Future of Banking – and Privacy Is a Major Concern in It

Nicholas by Nicholas
December 1, 2022
in Tech
0
This Is the Future of Banking – and Privacy Is a Major Concern in It

There’s no way around it: Banking is headed toward a future of digitized services. This has many benefits, but also distinct downsides. Cyber ​​attacks are nowadays a major concern for many companies, and mainly for banks, which are constantly looking for innovative cybersecurity solutions.

Lately, a company named onyxia – which created a platform that aids cyber security managers to spot cyber attacks – announced it has succeeded in its fundraising campaign, and excitement is rising. This is good news on the cybersecurity front, but it is certainly far from being enough. What does the future hold for digital banking and loans? As importantly, how can privacy and security be maintained in the digital banking world?

“In the last decade, we’ve witnessed an influx of banking services shifting towards digitization. This trend is set to become increasingly dominant in our lives, and at an unprecedented pace,” said David Galperin, founder and owner of ‘Gil Group’, A group of companies in the field of marketing communications and media. “This shift unlocks many new opportunities for all of us, but is also set to summon quite a few challenges regarding privacy and online security.”

It’s not all about efficiency

Banking is expected to change vastly this decade. Some ‘traditional’ banks will survive, but most of them will need to transform into completely virtual institutes. New banks are likely to be 100% virtual right from day one.

Virtual banking means that data will be stored in a cloud. This will make services potentially faster (and safer) since they’ll be based on blockchain technology – the most updated internet interface. Speed ​​will also be increased by the use of AI-powered virtual banking assistants for payments, investments, and instant money transfers.

Speaking of money transfers, cash is likely to be seldom used (if at all), and so are credit cards. Banks are expected to push towards paying only with mobile devices, with an emphasis on wearable gadgets. Cryptocurrencies will have a much more prominent role at the expense of ‘regular’ coins.

Competition between banks will be fiercer. One can already witness how banks are competing over the hearts of potential and existing clients, by offering better and more diverse digital services. This can be done, for example, with the help of tailored packages, according to each client’s financial habits and activities.

However, efficiency isn’t the only parameter here. As consumers become more aware of their needs and possibilities, additional cooperative banks are likely to be founded. These will put pressure on all banks to focus on customer service, not just on efficiency.

Competition will be fierce

Galperin, whose company has developed a mechanism for digital loan interactions between banks and taxi drivers, has some interesting projections for the loan and mortgage market as well.

“The public’s shift from bank loans towards lending from nonbank companies is set to expand, especially when it comes to mortgages. We can see that even now, nonbank companies offer clients easier and quicker approval of mortgage loan requests,” he claimed. “Traditional banks are already somewhat behind, so it’s likely that competition will only get fiercer.” The same will probably be true for other types of loans, such as medical debt loans and student loans.

Another major change that is due to happen in the loan market is AI loan monitoring. This tool can potentially monitor loan takers’ finances, alert them if their loans are headed into trouble, or make suggestions to optimize the management of their loan. The bottom line is that loan takers will be more proactive and aware of their financial situation.

A necessity, not a perk

The pandemic may not have been the only cause for the shift from face-to-face services to digital ones. However, it made both financial institutions and their customers understand that digital services aren’t a perk, but rather a necessity. The rush toward digitization of banking services is set to experience quite a few difficulties when it comes to security and data privacy. Nevertheless, this train has left the station – and it won’t be stopped by old tendencies or bureaucracy.

Banks are well aware of the dangers of hacking and cyber attacks, and they are set to make substantial efforts to minimize these risks: To begin with, banking will be protected by AI. In addition, passwords and PINs are set to be replaced by biometric verification, using fingerprints and voice recognition.

“Many data theft cases occur as a result of careless use of sensitive information by the users, mainly due to lack of awareness or underestimating online dangers,” Galperin added. “Weak passwords, for example, are easy to prey for fraudulent activity. Those who use unsecured networks to do their online financial activities expose themselves to phishing and login credential theft. These are only just two examples. All in all, it is the banks’ responsibility to raise awareness of these concerns among users, if we wish to benefit from the digital age rather than to become victims of it.”


Interesting Related Article: “A Career in banking jobs in 2023“

READ ALSO

Only until Sunday – Up to 100 euros discount on vacuum cleaners, hair stylers and air purifiers from Dyson

On Facebook – Big glitch! WDR program is suddenly called “Oven time”

Related Posts

Only until Sunday – Up to 100 euros discount on vacuum cleaners, hair stylers and air purifiers from Dyson
Tech

Only until Sunday – Up to 100 euros discount on vacuum cleaners, hair stylers and air purifiers from Dyson

January 27, 2023
On Facebook – Big glitch!  WDR program is suddenly called “Oven time”
Tech

On Facebook – Big glitch! WDR program is suddenly called “Oven time”

January 27, 2023
Short test – “Forspoken”: Spectacular magic system fights wasteland and story
Tech

Short test – “Forspoken”: Spectacular magic system fights wasteland and story

January 27, 2023
Peugeot, Citroën and Opel affected – Stellantis is recalling 70,000 cars in Germany
Tech

Peugeot, Citroën and Opel affected – Stellantis is recalling 70,000 cars in Germany

January 27, 2023
Camera, sports car, console – On this justice page you can get hold of strange bargains
Tech

Camera, sports car, console – On this justice page you can get hold of strange bargains

January 27, 2023
Strong tariff offer in the o2 network – mobile phone contract with 20 GB LTE can be reduced to less than 10 euros per month
Tech

Strong tariff offer in the o2 network – mobile phone contract with 20 GB LTE can be reduced to less than 10 euros per month

January 26, 2023
Next Post
Despite 4:2 against Costa Rica: World Cup out for Germany

Despite 4:2 against Costa Rica: World Cup out for Germany

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

POPULAR NEWS

Roblox Is Unbreakable Trello Is this safe?

Roblox Is Unbreakable Trello Is this safe?

November 4, 2022
Discord Registered Games  Discord Registered Gaming You need to join the Club

Discord Registered Games Discord Registered Gaming You need to join the Club

November 4, 2022
How To Chose the Right Data Analytics Program

How To Chose the Right Data Analytics Program

November 4, 2022
Chandrashekhar Guruji Wiki, Age, Girlfriend, Wife, Family, Biography & More

Chandrashekhar Guruji Wiki, Age, Girlfriend, Wife, Family, Biography & More

November 4, 2022
Heavy explosion on market square in Halle – three injured

Heavy explosion on market square in Halle – three injured

November 4, 2022

EDITOR'S PICK

Patients complain some obesity care startups offer pills, and not much else

Patients complain some obesity care startups offer pills, and not much else

November 15, 2022

What is a hoodie culture

July 7, 2022

The Beginner’s Guide To Building A Home Gym

October 20, 2022
Singles Day 2022 – The countdown to the biggest bargain event in the world is on

Singles Day 2022 – The countdown to the biggest bargain event in the world is on

November 4, 2022

About

Sepoy.net is a perfect place for people who want daily updates on news related to business, technology, entertainment, health, cryptocurrency etc.

Contact: [email protected]

Major Categories

News

Business

Tech

Economy

 

Recent Posts

  • Win 1 of 15 EVOLVE manual pipette starter packs from INTEGRA Biosciences
  • Deadly danger: feverish search for radioactive capsule in Australia
  • Latest figures on the COVID-19 pandemic collected by UCLA Health hospitals and clinics

Pages

  • About Us
  • Contact Us
  • Disclaimer
  • DMCA
  • Home
  • Privacy Policy

© 2022 Sepoy.net

No Result
View All Result
  • Home
  • Business
  • News
  • Health
  • Tech
  • Science
  • Lifestyle
  • Travel

© 2022 Sepoy.net