Financial services players – incumbents and new entrants a like – need to respond to consumers hunger for digital services with a comprehensive, holistic and forward looking approach to security.
A fundamental shift is now taking place in financial services. Digital leaders and innovators in the market are fuelling consumer expectation for greater convenience and more consumer friendly payment methods. In parallel, new regulation is providing for a greater level of access to the retail banking sector leading to greater consumer choice and heightened competition between service providers.
Greater access inevitably leads to a rise in security risks. As the next opportunity wave emerges, financial services players – incumbents and new entrants a like – need to consider new developments in cryptography that will fundamentally reshape the way they implement security.
This paper is a nontechnical introduction to the security issues that will undoubtedly accompany an increased level of access to financial services.