Digital Transformation In Finance
Companies in the financial sector have seen an unprecedented acceleration of digital transformation in recent years. The restrictions of the pandemic and the need to keep one step ahead of the competition have added pressure to financial organisations, and so have the changes in the ways people use financial services.
Mobile banking has become the new normal - just 32% of people in the UK used online banking services back in 2007, but that figure has shot up to 93% in 2022. Many customers now use mobile apps instead of visiting bank branches, and some banks, including Monzo and Starling, are completely digital. Organisations can no longer ignore the need for digitalisation and there are many solutions available to help businesses be more flexible, more scalable, and save money.
Recovering From Disasters
Even just the smallest amount of downtime could prove to be a disaster for any company. According to Acronis’ annual Cyber Protection Week Global Report, 76% of organisations experienced downtime over the past year, which was 25% more than in 2021. The costs of downtime will vary from business to business, but for companies in the financial sector, which rely on their IT systems to make trades and move money around quickly and securely, even a small amount of downtime can prove to be particularly damaging. Any disruption could cost money as well as damage your customers’ confidence in you - every organisation needs an effective disaster recovery plan.
One of the services that’s proven to be especially popular with FluidOne’s customers is Disaster Recovery as a Service. We can help you design and implement your own business continuity plan to make sure your business keeps operating, as well as back up your systems and save all of your most sensitive data on the cloud. In the event of any disruption or downtime, no matter how large or small, Disaster Recovery as a Service can ensure that you’re resilient enough to keep on operating.
Keeping Your Data Secure
An unfortunate side effect of digital transformation has been the rise in the number of cyber attacks. Just as technology has evolved, so have the methods of cyber criminals. Earlier this year, VMWare released their latest Modern Bank Heists report, which revealed that in 2021, 63% of financial institutions around the world had experienced an increase in the number of destructive attacks - 17% more than in 2020.
Cybersecurity is key in all industries, but especially in one that’s as high-value as the financial sector. The most common attacks involve hacking and malware, and criminals will exploit any vulnerability they find, which is why financial services organisations are upping their defences. It’s important to keep sensitive data as well-protected as possible, but that can’t come at the expense of network performance, as customers will want access to their money and information at all times. Our partners at Cyber Security Associates can offer you 24/7 protection, with a team of experts on hand to tackle any cyber threat that might arise.
At FluidOne, we offer our clients all of these services and more. The financial sector has always been at the forefront of adopting new technologies, from ATMs to credit cards, but right now, the need for digital transformation is more urgent than ever. Companies looking to future-proof themselves should step up their digitalisation, and we have a range of solutions to offer you.
To find out more about how we can help you and your organisation adapt and embrace digital transformation, get in touch with the team at FluidOne today.