What to Expect With Banking Security in 2020

April 8th, 2020

When one envisions banks, it is easy to picture monolithic buildings with bored tellers. They follow step-by-step procedures, surrounded by paperwork and bureaucracy running the entire show. 

In reality, finance has come to evolve and adapt to technological advances. Because money and finance are important highlights of any trade, keeping money safe and ensuring that customers and clients are not subject to the likes of fraud and theft, has become a major concern in the banking industry.

Research has shown that the trends in financial security for banks in have evolved just as rapidly, if not more so. Here are some of the things that will become the highlight of 2020 to keep your money safe.

Mobile Banking is Now the Standard

Gone are the days when there are long lines in banks. Granted, some individuals still prefer to go to banks and do transactions. Yet for more individuals, the convenience of mobile banking has made it the standard approach to financial transactions. 

Even compared to its other online-driven banking counterparts, mobile banking is still the more preferred option. Most banks use apps that can be accessed via an online browser or phone. Yet because more people are making their smartphones almost like an extension of themselves, mobile banking has led the race. 

Part of this may be the size of its user base. More millennials and the younger generation would prefer to pay their bills using their smart devices. Businesses see it as a more efficient means to transfer payrolls and accomplish other financial transactions. This shift shows that the more convenient and efficient option is more likely to be patronized.

Expanded Role For AI

The shifting preference of devices and technology to be used in banking has made it necessary for security measures to be more stringent. To keep these practices more secure, the banking industry is introducing more adept measures, specifically for detecting anomalies in the system.

The beauty of AI is that it explores the nuances of an account. Any activity that would go against the usual routine of a person may be flagged and explored further, and the AI can do this faster and in a more efficient manner. This lessens potential crimes and makes the processes more efficient both on the side of the customer and the side of the bank. In , as it is in most areas, AI will soon become a major part in the banking industry.

More Secure Physical Payments

Just because residents of cities like are opting for mobile banking does not mean physical payments would no longer be an option. If anything, this shift calls into question the need to make these payments more secure and efficient in themselves.

Nowadays, there are certain security measures that can be taken in banks. For instance, biometrics can be done when conducting transactions and payments. This also ensures that there is now a fluidity in the way banks can work with their mobile counterparts.

As more people make use of technology, there should be measures that integrate banking into an overall efficient method. By combining the physical and the mobile, there is a degree of security that ensures an account will be protected from a potential threat.