Digital banking: brave new world or house of cards?

Financial companies are increasingly turning to advanced technology to bolster their key services. Automated fund management is becoming a daily reality for many retail investors as advanced financial technology becomes miniaturised – companies like Nutmeg have built their business model on mobile-based automatic investment.
Even for larger, more traditional investment houses, essential market and risk analysis is shifting towards digital – as machine learning becomes more advanced, software is increasingly able to perform critical judgements that were previously the preserve of humans.

With that shift comes a heavy reliance on technology in frontline business as well as back-end processes. As such, the security of these applications is paramount. Banks and other financial institutions need to ensure they have full visibility of their systems and are able to detect potential threats to their customer-facing systems. A compromised investment app could lead to serious losses and, if the firm in question is influential enough, have a significant impact on wider markets.

Source: Finance Derivative
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