Banking Frontiers|May 2020
Shiju Rawther, Head-Technology, IIFL Securities
There are lot of things which are now integrated through fintechs. There are many fintechs that have entered the market and they are providing newer solutions. Frictionless, seamless and face recognition services need to be adopted for the next generation customers. There are challenges like collaboration of the data points, where the data will be stored, and how it will be secured. The government is also thinking about these challenges and will be introducing data security laws soon.
Today organizations do lot of implementations and new innovations to control the data, but it is a matter of concern because a lot of human interventions are involved in it. In India we do not follow 100% digital channel and unless we do that, we will not be able to prove whether we are 100% secure or not. We are talking about security within the parameters of our organization, but what happens to the data when it goes outside the organization? Unless we know the data lifecycle, we will not be able to control it.
Facial recognition is being given more emphasis, as most of the smartphones have come up with the facial recognition feature - it is an innovation for the next generation customers, but there are many challenges in it. For example, IIFL Securities has implemented a facial recognition attendance system, but we are facing challenges because at 9 am, our 500 employees come to office expecting a frictionless system. But the problem is recognition cannot be done in seconds in by the system; it takes some time. These are the technology challenges that need to be mitigated in future. An 100% frictionless security system will take 2-3 years.
There are pattern-based analytics that have been tested out, but it is still not in the market. There are many organizations and fintech companies working on it. Pattern-based analytics will recognize you from your writing behaviour and internet access behaviour.
Security is not a solution; it is not a technology. It is a strategy on how you build your security to complete your business strategy. For example, what you want to prevent, what you want to protect, etc. So, unless we strategize security with business, we will never be able to make security as a successful platform. It depends on how you give omni service channel to your customers, and how you safeguard the data that is flowing from the omnichannel. The customer should feel safer in giving you the data.
Organizations are moving ahead from regulatory boundaries, they are doing more than what the regulators guided them to do. Regulators will have a lot of limitations in terms of catching up the market with the newer technology. New innovations are coming up, and they are getting multiple vulnerabilities in parallel.
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