Unsurprisingly, and even before the term gained traction in the market, Digital Transformation reached financial institutions and, more specifically, banks and their financial transactions. The idea of Banks 3.0 has been consolidated for some time.
Not only because of the advance of the Internet, but also with the help of innovation and information security technologies.
Talking about the future of financial institutions and their financial transactions, especially for us in technology, makes us think about how much we have evolved in different ways.
While for the banks’ target audience we talk about Internet Banking, Mobile Banking and even BitCoin, for us experts we associate this evolutionary leap with cryptography solutions, digital signatures, data protection, Blockchain and various other security-related terms.
Undoubtedly, in the face of so many developments in digital transformation, it is worth reflecting on the future of banks, Banks 3.0.
An evolution based on innovation
Technological developments are pointing to an increasingly digital future. After all, financial transactions are being incorporated into our routines as something more simplified and transparent.
We can see this reality through payments made with mobile devices and “ wearables “.
The financial sector is one of the most advanced in IT investments, products and services linked to financial transactions. It’s no wonder that the basis of Banks 3.0 comes from technologies such as cloud computing and cyber security.
It’s worth noting that this evolution came from a paradigm shift. After all, the rise of digital banking has represented one of the biggest challenges for the financial market.
Because it has led to major changes in consumer behavior.
We can see that in the near future there will be a major conceptual change in financial institutions. Thus, in the era of Banks 3.0, they are no longer banks but financial assistants.
Everything happens online and with little interference from people or regulatory institutions, such as the Central Bank or any government body.
The foundation of Banks 3.0 will be cyber security
The big leap from traditional to digital banking is based on efficiency and trust through technology and cybersecurity and financial transactions
The digital banking experience is the essence of the Banks 3.0 concept. It will be driven by the more intuitive, intelligent and secure delivery of products and services.
But in order to consolidate this new banking concept, information security will be fundamental. CIOs who intend to offer this new experience in the near future, in addition to understanding the new business models, processes and technologies that will allow us to evolve towards the concept of Bank 3.0, must consolidate the idea that without investments in security this will not be possible.
Ultimately, Bank 3.0 needs to be agile enough from a technological, structural and cultural point of view. This way, you can constantly adapt to rapidly changing business and technological environments.
A major challenge when integrating so much technology and security, identity and compliance requirements.
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The role of IT in consolidating Banks 3.0
Banks today are facing a major challenge. After all, they are struggling to keep up with the race for innovation, especially when it comes to customer-facing financial transaction apps developed by giants such as Amazon, Google, Facebook and Alibaba.
In this competition we have platforms that provide trust in untrusted environments. They operate as financial institutions that connect the supply and demand sides. In view of this, there are two outstanding scenarios:
- Financial technology companies (fintech). E-commerce providers and telecom operators are cutting into banks’ traditional sources of income.
They provide faster payments, more convenient transfers, real-time loan facilities and automated investment advice. - On the other hand, Banks 3.0, in order to consolidate their position as the future of the sector, have a mission to evolve and adopt the business platform model, both internally and externally, to improve efficiency, create new commercial value and, above all, increase customer confidence.
It is possible to increase this trust by increasing business transparency, gathering more information and intelligence to better understand customer behavior and desires, and focusing even more on IT management, security and identity management. Missions that Banks 3.0 will certainly have to solve.
The future of agencies and the agencies of the future
In short, a true Bank 3.0 is a bank that improves the customer experience, creates new and powerful revenue and value streams, offers services without or with reduced fees and can support multiple non-traditional business models.
Digital banks must pursue a vision and a business strategy that makes it possible to reorganize the bank’s resources, both to optimize costs and to leverage the latest technologies, so the priorities for new technologies include:
- Open Banking platforms.
- Big Data.
- Artificial Intelligence (AI).
- Blockchain.
As for Information Security, there are increasing investments in:
- Cryptographic key management.
- Application analysis and security.
- Data protection services. Check out 7 tips here.
- Threat detection services.
- Protection against DDoS attacks and malicious traffic.
- Specialized human capital.
The way consumers are engaging with their financial institutions has changed significantly. Traditional banks are being challenged with a new distribution perspective, in line with the strong movement towards mobile and digital channels.
Finally, based on investments in new technologies, it is possible to take advantage of and mitigate the impact of implementing these major changes in the vision and strategy applied to the “bank of the future”.
In a nutshell, Bank 3.0 is about the transition from dependent banking to a dedicated online structure, which allows it to be used at times or places that are more convenient for the customer.
This is a new form of engagement and user experience that harnesses the power of the internet and all the technological advances created by the Digital Age.
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