The Dataprise Blog

3 Ways Financial Institutions Can Use Technology to Their Advantage

Jun 05, 2019 BY Chaz Chalkley

3 Ways Financial Institutions Can Use Technology to Their Advantage

Technology changes the way companies do business. When used properly, technology can help companies protect themselves from cyber threats and help them understand the data that drives decision making. Nowhere is this more important than in the finance industry. Whether you are the CFO of a major financial company or a CPA running a small business, the right technologies can give you an advantage over your competition.

1. Cyber Security: Financial institutions are especially susceptible to cyber crimes, so it is essential for them to have a robust cyber security solution in place in order to protect the money and data entrusted to them. These institutions should have the basic protections in place (e.g., anti-virus, anti-malware), as well as more advanced solutions (e.g., recurring vulnerability scans, cyber training, 24x7 monitoring). In addition, they must practice good cyber hygiene to address small gaps or flaws that could be used by a cyber criminal to gain entry to their network.

How You Benefit: A good cyber security posture significantly reduces the risk of a cyber event in your network and demonstrates to your customers that the safety of their money and data is a top priority. The cost of a good cyber program significantly outweighs the cost of cyber breach, potential lost revenue or data, and a stained reputation.

2. Digitization: A physical, onsite network can be an easy target if you don’t have the right security measures in place. Many cloud-based solutions, whether server storage, Software-as-a-Service (SaaS), or collaboration, offer the best and most advanced security measures to protect the data you store.

How You Benefit: Cloud solutions are typically offered at a per-user/license rate, which makes them more scalable than onsite solutions. In addition, the providers that offer these solutions often must meet rigorous security standards so you can trust that your information is safe.

3. Data Analytics: Understanding the data behind your organization is critical to effective decision making, and a leading solution in this area is Microsoft Power BI. This platform allows companies to easily compile, view, and manipulate data in intuitive dashboards to help promote solid decision making.

How You Benefit: Without visibility into critical data, your organization could be making decisions based on inaccurate data or a misunderstanding of the data available. A robust data analytics platform can allow your organization to understand historical data trends, which helps guide future, strategic decision making as well as a more efficient workforce.

Staying ahead of the technology curve is critical for financial institutions. When used properly, technology helps these organizations remain protected, scale easily, and make sound decisions for the future of their organization. If your financial institution isn’t using technology to its advantage, contact us today to see how we can help.
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