1 in 4 businesses are not prepared for GDPR yet. With just over a year left, there is no time to waste. Help your customers be compliant in time, so they’re not losing money come May 2018.
The new EU General Data Protection Regulation (GDPR) became law in 2016. The EU has given enterprises 2 years to become compliant. So from the 25th May 2018 if a company is not compliant with the new legislation, it can cost them up to 4% of global turnover or €20 million (whichever is greater). Businesses who don’t have their data in order or fail to notify the authorities for a breach can be fined 2% of their global turnover or €10 million.
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• Consolidation of tools
Financial institutes need to review and consolidate the tools they are currently using. A lot of these tools have been implemented in a haste to comply with new regulations. Reviewing and merging these tools will save enterprises time by just using one system.
• Big Data
With rising data volumes, tools that can notice trends and conduct searches will be implemented. Those tools will also help identify issues and wrong doings.
• Investment in Technology
The time when technology in the workplace was more advanced than in the consumer space is over. Consumers are not happy with mediocre applications, leading to the need for companies to invest in new technology and research.
• Shadow IT
Shadow IT are applications used in professional environments that are meant for consumers (e.g. WhatsApp). Since employees are frustrated with the communication technology provided by their companies, they lean towards consumer application, which can be a security risk. Financial Service companies have to manage the use of these applications, while also finding new ways to communicate with their customers that is user friendly and follows regulations.
• Defence against Cyber Attacks
While financial services enterprises can’t stop cyber-attacks from happening, they need to take proactive actions to prevent them from having a critical impact. That starts with not allowing employees to share confidential data e.g. via consumer applications. To secure data, security measurements should be included into the server, instead of having them separate on each device.
• Chat Enabled Collaboration (CEC)
Financial Service companies are looking for more effective ways to communicate with their customers. They will push away from standard email and towards real-time software tools. These need to be auditable and compliant as well as secured and encrypted, so the customer data is secure at all time.
Choose a vendor and discover what products are available
Manually retyping information can lead to mistakes and is time consuming. In the financial sector where time is money, banks can’t afford the time and mistakes. That’s why Banca popolare dell’Emilia Romagna chose ABBYY FineReader as its tool for document recognition and conversion.
With GDPR fast approaching, your customers need to prepare to be compliant, have all their data in order and protected. Don’t let your customers make the headlines for the wrong reasons.
Protecting customer's data is one of the highest priorities for financial institutions. Becrypt offers Government-certified security products, that will keep your data safe.
People lose devices, either through theft or just by forgetting it on the train etc. This can’t be stopped, but the data on these devices can be protected - Becrypt Data Protection Suite encrypts devices, so the data doesn’t fall into the wrong hands.
One often overlooked risk is insider threat. In the financial sector where someone can make a lot of money with important data it is even a higher risk. Insider threats can happen through misuse, oversight or intentional leakage and sabotage. Becrypt Port Control solutions will help prevent these risks.
Portable storage devices like USBs can be a high risk for companies. They can carry malware that infects the system or transport important data from it. Financial enterprises can not afford to be infected with malware or lose important customer data. Becrypts portable encryption solutions are the right fit for any portable devices.
For an easy way to control all these solutions from one point Becrypt’s Enterprise Manager is the right tool. It combines all the above solutions into one, so you can be sure the entire estate is protected and the data is safe.
Bomgar offers a fast and secure option for Remote Support and can save companies time and money in their customer service.
Remote working is becoming more and more popular. It is an easy way for companies to offer personal customer service all over the country. While being a great option for companies, it needs to be secure, so that data doesn’t get leaked or systems exposed to intruders.
In the financial industry it can be crucial to have access to customer's computers that you can’t reach in person. To have a reliable Remote Support solution is important to get problems solved as fast as possible.
Automatically make servers, desktops and laptops faster, more reliable and longer lived without administrators having to make any other changes.
Keeping business systems running smoothly is one of the main objectives of IT teams in big organisations. MB Financial Bank was an early adopter of Diskeeper, which keeps the system from fragmentation to make it run smoothly. Since then the IT team is not worrying about the housekeeping of their systems and keep their focus on important IT projects and further development of their technical products.
Having the right software for efficient work is important in a sector that relies on technology to do business. Requesting software and receiving it from the IT team as quick as possible, is critical. MFS Investment Management’s IT Team is managing over 600 applications for 3300 desktops worldwide. They were looking for a solution that would package software into industry-standard Windows installer format, while also following company requirements. Find out why they chose Flexera AdminStudio as their solution.
Financial companies need to stay on top of their application, which also includes their migration. To help the migration process between multiple offices this Investment Firm implemented AdminStudio and Workflow Manager to simplify and quicken the process. Check out how these Flexera solutions helped them.
In Financial institutions it is key to automate business processes and organise paperwork. It is also becoming more popular to reach a paperless office. First American Bank was looking for a solution that would allow them to achieve these points and would also work in their Citrix based office environment. The easy usability and speed of PhantomPDF was one of the many reasons for them to choose Foxit.
To keep growing financial institutions have to invest in the development of their technology. Customers request easier ways to do banking & payments on the go. To roll out electronic customer statements, The First National Bank of Long Island (FNBLI) had to find a solution that would securely and automatically respond to the electronic document delivery service. While security was a top concern for FNBLI, the solution should also offer straightforward automation as well as auditing and reporting. Globalscape’s EFT offered everything for their needs.
Keeping employees well trained and educated about their field is a struggle, especially when the company has offices all over the country/world. Alfa Capital Asset Management was looking for a solution that could create a distance learning portal, which can also be used on mobile devices. Find out how implementing iSpring LMS helped them build one of the best learning portals on the Russian market.
Safeguarding customers data is especially important in the financial sector. It is crucial for banks to manage and protect the access to data from intruders. HomeBanc incorporated an Active Directory authentication mechanism, but had a lot of problems with locked out accounts and password resets. This lead to an increase in support requests, which cost the IT department time. They decided to implement ADSelfService Plus as a safe solution for their employees to reset their password and take the workload off the IT team.
Knowing which user can access which data in a network is information that especially financial institutions need. To have a better overview of the user access within their network Dragon Capital implemented Quest Change Auditor, which not only helps them audit the changes made in access permissions, but also sends them real-time alerts if critical changes are made.
Downtime can have a critical influence on banks and their customer satisfaction. Find out how Raiffeisen Bank Aval reduced the downtime of their critical business systems with the help of Quest Foglight.
Data replication allows enterprises to stay on top of their data, even when problems occur. EPX is a company that provides end-to-end, high-frequence electronic funds processing for credit card companies. They save money by bundling multiple transactions together. To satisfy their clients, they need to have their systems running without interruptions. Since they have big and important data coming into their system, they had to look for a solution for data replication. After trying Oracle’s GoldenGate, they didn’t feel confident in the solution. They decided to try Quest’s SharePlex, which helps them stay on top of their database.
Data management plays a big role in all businesses, but for Financial institutions it is more important than ever. Growing the customer base leads to more data being collected. Zions Bancorporation was looking for a solution that could report back on data queries from multiple databases. With Toad they found a solution that helps them create reports and saves them time and money.
Often Banks have to react to new regulations from the government with a tight deadline, implementing solutions as quickly as possible. When regulations came into effect that banks in Qatar had to report numbers back to the Central Bank, Doha Bank decided on SAP Business Objects, which helped them comply with the new regulations and increased their efficiency. Find out more about their reasons and the implementation process.
Having a software or application hit the market that still has bugs in it, can be a huge problem in the financial sector, where every bug can lead to big losses. With SmartBear Collaborator Development teams can review the code and add feedback, so everyone knows what needs to be worked on and what slows down the system. Find out how Collaborator helped in this Case Study.
AlertSite for API
For Financial institutions it is important to stay on top of their financial-transaction applications, so they run smoothly and without interruption for their customers. Raymond James Financial uses AlertSite for API to track their application performance 24x7, to be aware of issues before they impact their business partners and customers.
Up to date software needs to be used by financial organisations. The software has to be high level tested to make sure that it is secure and working the way it is intended. 1st Software is developing financial software and uses TestComplete for their high level testing to make sure they are delivering a high quality product.
SoapUI Pro part of Ready API
Testing applications is an important part of the application development, since it shows any problems occurring during development. For developers the right testing tools can make their lives a lot easier. Dun & Bradstreet are using SmartBears SoapUI Pro to allow their developers to rapidly create and execute automated Web services and load tests. Read what one of their Solution Architect for Financial Services has to say about the work with SoapUI Pro.
DPAApplications are becoming a bigger part of business for banks and financial institutions. Customers want to be able to do their banking on the go and without any hassle. This Fortune 200 Bank was looking for a way to develop an application that would fuel the growth of the bank and make end-customers happy. They realised that a lot of application problems were actually data base related. That’s why they looked for a solution that could correlate with application and data base performance. Find out how SolarWinds DPA helped them implement the application.
Having internal and external secure data transfer enables financial service companies to stay in touch with their clients and send them updates whenever needed. The Bank Administration Institute was looking for a solution that wouldn’t risk data exposure to third parties. Serv-U from Solarwinds secures files while they’re shared with external clients and also offers comprehensive visibility into the file transfer process, making it easy to spot errors.
Efficiency and documentation is essential for financial institutions not just for their own reporting, but also for external auditing & regulations. Process documentation can help detect where an error occurred and establish the possibility of trailing it back to a certain point in time.
DFCU Financial was looking for a way to process information faster and edit it with a still professional finish. They were not satisfied with the operating system tools and turned to Snagit for help. They found Snagit to be a fast and reliable tool, which helped built the knowledgebase up and makes communication easier.