The changing face of transactions

In the digital world, consumers rely heavily on an organisations’ infrastructure to protect their personal information, whilst at the same time expect a seamless end-to-end experience for those authorised to access data and services.

As a greater and greater percentage of customers now prefer digital banking facilities to in-branch, the financial services industry has become increasing reliant on its IT infrastructure. In order to remain competitive as market expectations continue to rise organisations are compelled to both enhance the protection of these digital assets, and also invest in technology which is going to simplify the process and enhance user experience. Maintaining these systems is equally critical to success.

Iliad Solutions’ latest whitepaper outlines how consumers are shaping the modern banking industry and how organisations can protect digital assets and successfully keep up with digital payments and transactions. In order to reduce costs, the financial services industry needs to learn from other industries as the process of improving quality has been central for decades.

In short, the key lessons that can be learned and applied are that businesses should simplify, automate and invest.

The whitepaper explains: “Assuring critical business assets should be front and centre of all organisations’ thinking. Financial institutions themselves are founded on their ability to offer a level of assurance to their clients that would be unattainable for the clients by themselves. This fiduciary status emerged from offering safe housing for money and valuables, and evolved into the provision of guaranteed services to support a client’s financial activities.

“Today, too many financial institutions are very far away from offering proper assurance of the payment systems that are their heartbeat”

To assure maximums security and prevention against fraud, organisations require a single technology emulating a business transaction through its entire cycle. The strength of automation is in executing those tasks that are excessively manual, repetitive and time consuming. It is about doing less manual testing, but testing better.

Those who choose not to face the increased costs of automation and building a structural ecosystem will not be able to innovate as successfully.

With the right investment and simplification, automation can actually make this process work for an institution rather than against it, more economically and with better results.

In addition, with new regulations such as PSD2 giving rise to an influx of new entrants into the payments market that will help shape the industry moving forward, it’s important that banking services are able to keep up with the market’s evolution and move at its speed. This requires a level of agility that can only be attained by, among other factors, having flexibly testing procedures that facilitate innovation and preserves assurance.

To learn more about how to protect your IT systems and create a competitive advantage over other organisations, download your complimentary copy of the Iliad Solutions whitepaper.

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