Digital transformation is the process of using digital technologies to create new business processes, culture, and customer experiences to meet changing business and market requirements. This re-imaging of the business world in the digital age is what we call “digital transformation”.
Today, organizations are focusing on their own journey of digital transformation. This is when new or modified existing technology is brought in to replace the old process. SEGMENTECH has implemented Privileged Access Management Solutions for a few major companies in the financial sector in North America, and we would like to share how we see the digital transformation in the finance sector.
First, let’s start by analyzing some of the major changes we saw in the financial sector in the last years.
1. Money – Bills are replaced by computer records, and therefore we don’t need a massive safe at bank branches anymore. We do need to focus on securing the technology infrastructure.
2. Tellers – The presence of tellers already made the transformation, and most of our communication with the bank employees is through digital channels such as – email, chat, website, mobile apps, and conference calls. Therefore, we need to protect the communication channels within the different financial banks – branches and head office.
3. Regulation – Financial sector compliance and governance become more complex, and we need technology to manage and monitor our difference compliance requirements in different territories. People and business are expanding their business and services across countries, and the financial sector must be aligned with regulation of Anti-Money-Laundering (AML).
4. Payment Methods – In the last few years, we see more digital payment options such as PayPal, Google-Pay, Apple-Pay, Dwolla, Venmo, stripe, e-Transfers, and even bitcoin. All those payment methods are based on technologies requiring different monitors and security controls to prevent identity theft, fraud, and to ensure that trading between parties is secured.
5. Trading – Artificial intelligence (AI) has come a long way in penetrating into our day-to-day lives. From our home assistants, through smart homes, and self-driving cars. Today, AI-powered solutions are everywhere, including the stock exchanges and brokerage.
Our recommendation for someone starting a project of implementing a technology to support a digital process transformation is, first of all, define the process and find what pillar changed, improve the process, and then find the technology to support the change. We see many organizations that try to enforce a specific technology process without defining and understanding the process and actually harm the line of business.
SEGMENTECH has expertise in automating manual security processes with DevOps tools. Talk with us today to learn more about our experience and how we can assist you with automating your PAM implementation and workflows.