Securenet Communication Solutions

Banks and traditional financial institutions have always been one of the first ones to adopt new technology in their functioning. And it is no different for challenger banks. In fact, challenger banks are known to embrace new and advanced technology much more readily and steadily as compared to their bigger, traditional counterparts. For those of you who are unfamiliar with the term, challenger banks are smaller retail banks that are established to compete with the bigger, well-established banks. While it seems fairly straightforward and even attractive to adopt new technology and offer digital banking to customers, it is tough to balance innovation with security. Especially true in the case of Cloud-based services, which offer several benefits over traditional IT services and in-house data centres such as:

– Better Scalability

– Reduced Costs

– Improved Speed

– Better Integration

– Increased Data Protection

– Better Customer Experience

Cloud Security in Challenger Banks

Despite all the advantages that the Cloud offers, it still carries a security risk associated with third-party data storage and regulations. Even so, it is unlikely that banks and financial institutions will stop adopting new Cloud-based solutions. For this reason, customers are often reluctant to trust their data and, more importantly, money with challenger banks, as they fear these may be shared and stored with third parties. 

Cloud Security Solutions

Even though banks may have a high level of trust and assurance that their Cloud providers are following all the protocols and industry standards to keep customer data and their systems safe, there are certain steps they should take to enhance and maintain optimal Cloud security. These include:

– Avoid complete reliance on embedded security in their Cloud platforms

– Implement services that provide security models, audit trails and internal and external access regulation

– Secure Cloud operations with intelligent security solutions and automation to safeguard information as soon as it is obtained

Customer experience is one of the core values of most challenger banks, as it is an important criteria that gives them a competitive edge over native banks. By providing innovative digital banking solutions enabled by advanced Cloud operations and protected by robust Cloud security solutions, these banks can mark in the highly competitive financial sphere. 

Our security engineers have years of experience providing smart Cloud security solutions to businesses from all industries. Get in touch with us to learn how we can help enhance your Cloud infrastructure with our security and automation services.