By Gabriel Schild, Executive Director Digital Business Transformation at Verizon
The first instalment of the blog looked at how adaptive networks can transform customer experience in financial services. Now I'll consider the impact this is having on data strategies and cybersecurity risks for financial institutions.
Before digital transformation became a business theme, financial services organizations spent most of their efforts in collecting customer trend data via surveys and concentrate groups. The collected data wasn't only used to substantiate investments in marketing programs, but also in the investment in technologies that encompassed new ways of embracing their customers.
Today however, using the advances in mobile first designs, open API adoption, and Artificial Intelligence, the use of exponential customer data is driving new customer experience designs that rely heavily with an adaptive network.
Some of the examples that we see today can be found in the greater functionality of mobile banking applications. The ability to withdraw money from an ATM utilizing a mobile device, the capability of chatting with a bank agent live via a banking application and getting advice/support via Artificial Intelligence are key drivers that require an adaptive network design.
Mitigating risk within the customer experience transformation
While agility and suppleness to business processes are critical, managing security risks within the financial services sector has never been more important.
The increase in digital footprints driven through the explosion in the market of greater function and capabilities of the Internet of Things (IoT) has created a near borderless attack surface for cyber breaches. As massive levels of data are being collected from devices, processed, and presented for any better customer experience, the potential risk for gaps in the security protocols become more prevalent.
As part of an overarching customer experience strategy, financial services organizations have to take a step back, look more broadly at their security processes and assess if the current approach to their security playbook is comprehensive enough.
Is it secure enough for the changes that are being made? What does it mean for the internal stakeholders involved in the development of a customer experience transformation? Does the organisation's current security program support its vision?
These questions substantiate the need for the security organization within the bank to take a proactive role included in the greater CX team assisting later on designs that satisfy both the security needs of the customer as well as their desire for a more robust customer experience.