How Mobility brings Transformation to Banking (or BFSI) Sector

FinTech is no longer a passing trend but a profitable venue for startups and financial incumbents.

Banks and financial institutions embrace the shift towards digital to capture the value of the growing segment of digitally active customers and reduce capital and operational expenses.

While SupTech and RegTech companies ensure the global economy does not see the repeat of the financial crisis of 2007-2008 and strive to protect sensitive data, FinTechs' goal is to develop a mobile banking application full of customer-facing features.

The apps gain popularity across the globe, despite security concerns, help companies add value throughout the customer journey, expand their ecosystems, and enter promising new markets.

Let's delve deeper into each crucial facet of banking app development and their business impact.

Digital Technologies are creating an unprecedented disruption across the banking sector.

Digital technologies have unleashed the potential of the banking industry to enable 24×7 online access to the services.Evolution of Digital Banking in IndiaIn the late 1980s, the need for computerization was recognized in the Indian BFSI sector to deliver exuberant customer service.

To address the introduction of computerization in the BFSI sector, the Reserve Bank of India set up a committee in 1988.

The banking industry transformed drastically from computerized records to digital banking.

Post computerization, banks adopted core banking solutions to deliver service excellence.

Core banking solutions enabled banks to offer customer convenience through “Anywhere and Anytime Banking.”The rising competition between private and foreign banks compelled the financial institutions to leverage digital services to stay competitive.

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Next time a friendly bank staff insists on helping you with your money, consider this:

75% of the advice given to customers wasn’t in the clients best interests.

This startling figure comes from a recent review of the financial advice offered from the big four banks by the Australian Securities and Investment Commission (ASIC).

Even more startling: 10% of advice was found to leave investors in an even worse financial position.

Through a “vertically integrated business model”, Commonwealth Bank, National Australia Bank, Westpac, ANZ and AMP offer ‘in house’ financial advice, and collectively, control more than half of Australia’s financial planners.

It’s no surprise ASIC’s review found advisers at these banks favoured financial products that connected to their parent company, with 68% of client’s funds invested in ‘in house’ products as oppose to external products that may have been on the firms list.

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We are living more and more of our lives online every day.

Banking is certainly following this trend.

In the US, more than 70 percent of people do at least some of their banking online.

More than half of all web traffic now comes from mobile devices, and traffic to financial institutions isn’t far behind.The general consensus is that while the risk is low when it comes to banking, security does depend to some extent on consumers—many of whom don’t do what they should be doing to keep their phones safe from attack.

As a result, experts say, banks could do a better job educating consumers about cybersecurity issues.

The Wall Street Journal invited three experts to discuss these issues: Joseph Carrigan, a senior security engineer at Johns Hopkins University; Emmett Higdon, director of digital banking at Javelin Strategy & Research, a subsidiary of Greenwich Associates; and Peter Wannemacher, a digital banking analyst at consulting firm Forrester Research.Is Mobile Banking Safe?

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COVID-19 Impact Analysis on BFSI Security Market report published by Value Market Research provides a detailed market analysis comprising market size, share, value, growth and trends for the period 2019-2027.

The report encompasses data regarding market share and recent developments by key players.

Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.

The major players in the BFSI Security Market include Comarch SA, Accenture, ClickSoftware Technologies Klugo Group, Infor, SAP SE, Trimble Navigation Limited, Astea International, Inc., and Tech Mahindra Limited, among others.

This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global BFSI Security Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/bfsi-security-market/download-sampleMarket SegmentationThe broad BFSI Security Market has been sub-grouped into the Physical Security, Information Security, End-Use and Region.

The report studies these subsets with respect to the geographical segmentation.

There is an exciting mix of technologies like AI-blockchain and IoT looking forward to transform the BFSI industry in different ways.

There is a huge scope of modeling various localized but highly integrated IT-enabled banking and financial systems.

But it helps to be a lot more futuristic with products and build a pathway better than grassroots level understanding of customer expectations and core requirements.

It allows you to take the company the extra mile to fulfill them.

One-tap onboardingIoT devices, biometric collection centers, and seamless integration with unique identity management systems at a global level are all possible with the Internet of things.

Further, it lets the commuted taxi ride a pay just by scanning a QR code available on an integrated digital terminal within the entertainment system.

The global BFSI security market size is estimated to reach USD 74.3 billion by 2025, expanding at a CAGR of 13.1%, according to a new report by Grand View Research, Inc. Increasing risk of data loss owing to cyberattacks on banks and insurance companies is anticipated to propel the growth.

Thereby, cyber threats have prompted financial institutions to deploy reliable safety solutions at their premises.Frequent emergence of new malware variants is driving demand for advanced safety solutions in the banking, financial services and insurance security market.

For instance, in 2016, a mobile malware, masked as an application upgrade, was discovered.

The malware displayed fake sites over authentic banking homepages for filching banking credentials of consumers.

Financial databases stored on cloud create need to verify safety systems of the cloud service provider.

The market is lucrative in developing regions, such as Asia Pacific, owing to digitalized business operations in the BFSI industry.Financial companies are stressing on consumer data protection and are implementing solutions such as firewall and threat management software.

In this blog, we going to explain the facts about blockchain and why it is the most preferable technology?

A Concise Overview of Blockchain

How Potential Does Blockchain in Banking gets Benefits

Major Use Case of Blockchain in Banking

Issues Faced on Banking without Blockchain

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