Financial organizations like banks, insurance companies, accounting firms, mortgage lenders, and wealth managers use applications. While internal CRM and ERP functions are a subset, this blog will focus on the external apps or those that customers interact with. Beyond managing a bank account, there are many purposes for online interfaces including:
- — Tax prep and filing
- — Digital wallets; paying for goods/services on smartphone
- — Automated invoicing
- — Multiple account management; personal and business
- — Insurance quote generation, accident reporting, and claim filing
- — Stock buying/trading
- — Asset/liabilities management
Personalized mobile finance experiences create value and allow customers to take a more active role in their money management. However, the more flexible applications become, the more vulnerabilities arise.
Criminals will exploit these vulnerabilities; it’s what they do. According to a research study done for Arxan Technologies, over 90% of financial applications have critical security flaws. Using these loopholes, attackers can gain full control of sensitive personal info and the business it links back to (yours). So how do you pursue innovation without compromising data security?
Amassing hardware and networking systems in-house might seem like the safer bet, but many organizations lack expertise in this specific area or the budget to support it. Fear surrounding outsourced IT management and Cloud-hosted apps hinders financial growth initiatives.
Cloud anxiety is prevalent in Finance, but the reality is you’re probably already using it. There’s a good chance that operations like your website, CRM, and billing/purchasing processes run from a Cloud environment. Therefore, the leap to Cloud-hosted customer apps is not that large.
But what about the security issue we talked about? The key is integration of your back-end data systems with front facing applications. Managed IT providers, like Iserv, utilize enterprise-level compliance and security protocols for financial data. Features like 24/7/365 Monitoring, Managed Firewalls, Intrusion and Threat Protection, IPSec Encryption, and Incident Response secure your apps. The ideal Managed IT partnership delivers continuous management and support so that you don’t have to worry about security; you just know that you’re protected.
Nowadays, people expect to access finances through mobile applications. The more user-friendly interfaces you have, the more competitive your offering becomes. Leveraging a Managed IT provider, like Iserv, helps improve data security behind the scenes and lets you focus your resources on customer-centric innovations. Professional IT management filters down to your accountholders and the digital channels they use. Working to shut down application vulnerabilities is the first step.
Contact Iserv at email@example.com for more details. App security is easier than you think.