Making digital banking a seamlessly ‘secure’ affair

RITIKA SHARMA / Emirates Business

With the rapid adoption of cards, cashless payments and e-commerce, consumers are becoming more aware and concerned about fraud prevention. Banks across the world are moving quickly to upgrade payment technologies, spending huge sums to improve their IT infrastructure, with special focus on cyber security.
Dhruv Magna, Dhruv Magna, Vice President Sales APAC, Envestnet/Yodlee, told Emirates Business, “The need of reliable solution to potential threats arising from the digital transformation of banking is much more evident now. Globally we are the most secure platform. We operate from our own data centres even if we are making investments to a new market, where we haveestablished our own centres. Our security is military grade.”
Yodlee, a provider of integrated multi-bank account on a single digital platform, has over 100 million users across 22 countries. It handles trillion dollars of financial transitions.
“We are audited by various autonomous government bodies and hence there is no chance of any security breach in our enterprises,” added Manga, whose San Francisco-based company has not seen even a single security breach in 16 years of its
operations.
With the rapid rise of mobile phone-users across the emerging markets, the mobile banking industry is witnessing an unprecedented growth. With more mobile devices in the world than people, mobile banking holds a bright future, retail banking experts at the event opined.
Growing consumer preferences for digital and mobile banking has fuelled strong growth in online and mobile channels. In the UAE alone, about 82 percent of the banking consumers use at least one digital banking channel.
Talking about the digital disruption, SanjoySen, Managing Director Retail Banking Asia Pacific, AANZ, “With the rise in digital transactions, banks are in the need of nimble architecture that enables them to scale and deal with these transactions and to respond to smart consumer’s demands much more rapidly.”
Role of robotics in banking also attracted the attention of many bankers during the conference. If some were of the opinion that this would add the element of speed in the banking then on the other hand some expressed apprehensions that it will also lead to lose of many jobs in the sector.
“There will be a major loss of jobs in banks as we get more and more automated. There are two sides to this advancement. On one hand where it will make things more accurate and flawless, and on the other hand it will affect our workforce too,” said one of the leading bankers, associated with a nationalised bank in the UAE.