As more markets adopt open banking — which mandates banks to open their systems to third parties — it will be increasingly critical for banks to ensure the security of not only their networks, but those of their ecosystems partners as well, according to a report from Accenture that predicts key technology trends in banking over the next three years.
Trust and security posture are becoming important considerations of ecosystem partners
While consumers trust banks to securely hold their data, maintaining that trust as the industry shifts toward open banking will require banks to strike the right balance between robust security and easy-to-use customer experiences.
While nine in ten bankers (92 percent) believe that customer trust in banks’ ecosystem partners is very or extremely important, only 31 percent of bankers say they know their ecosystem partners are working diligently to be compliant and resilient with regard to security.
“Security is only as good as the weakest link in the network of ecosystem partners, and the global trend toward open banking is increasing the spiderweb of interconnectivity among banks and third parties — creating additional points of weakness and vulnerability in banks’ network security,” said Alan McIntyre, global head of Accenture’s Banking practice.
“Customers trust their banks and are willing to provide their personal data in exchange for relevant products and services. To maintain this trust, banks must rethink their approach to network security, focusing on the broader ecosystem, not just the bank. This will require a shift from a compliance-centered approach to an active cybersecurity stance.”
The Accenture Banking Technology Vision 2019 report draws on the analysis of an advisory board of more than two dozen individuals, interviews with technology luminaries and industry experts, and results of a survey of nearly 800 bankers globally.
This year’s report, with the theme “The Post-Digital Era is Upon Us — Are you Ready for What’s Next?,” showcases five upcoming technology trends — including “Secure Us to Secure Me” — that banks should assess to help set themselves apart from the competition, whether traditional banks, fintechs, big tech companies, or other yet-to-be-determined newcomers.
Culled from Infosec News Ireland
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