On Thursday 25th April, Exponential-e held a Financial Services and Insurance roundtable event at 'M Restaurant' in Victoria, London. The event brough...
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When it comes to insurance and financial services, the ability to offer clients peace of mind is the key to ensuring the sector's continued longevity. Cyberattacks are evolving in frequency and sophistication, with criminals selecting progressively more ambitious targets, and even minor IT outages, whether they're caused by human error or 'acts of God', will have a serious effect on firms' operations, negatively affecting both profitability and brand reputation. With this in mind, firms must reconsider the way they approach operational resilience, particularly regarding the way access rights for critical systems and data are managed.
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Digital transformation continues to pick up pace across the financial sector. However, in spite of the potential benefits on offer, many insurance firms continue to lag behind their peers in terms of their overall digital maturity.
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We make payments, large and small, every day of our lives. From paying our bills and making payments to friends online, to the large-scale bank transfers that help business flow. Money changes hands through a wider range of channels and platforms than ever before, to the extent the days of cash-in-hand being the default payment model are a fading memory for many of us. The convenience and flexibility can't be disputed, but as with any emerging technology, the new flows of data must be given careful consideration, ensuring businesses and customers alike can rest assured that their money will remain secure throughout every stage of every transaction.
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Maximising performance, scalability, and compliance for a leading innovator in online banking About Tandem Money Tandem is 'The Good Green Bank', a fu...
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A leader in financial strategies embraces Cloud transformation About Odum Research Odum Research creates pricing, risk, and execution strategies for a...
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From day-to-day consumer banking to high-profile asset and wealth management, the way we all access financial services is changing in ways that would have been inconceivable just a few years ago. Online banking is now firmly established, allowing customers to manage their money securely within a few clicks - anytime, anywhere and without the need to visit a branch. A 2022 survey revealed that the quality of the online experience was a key factor in 81% of adults' choice of bank1.
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As the Financial Services (FS) industry continues to adopt and leverage digital technologies to innovate and deliver customer-centric outcomes, there is also a major focus on inward change, on improving employee experience through streamlining, simplifying and consolidating platforms, infrastructure and processes. Of course, Digital Transformation comes with an abundance of risks. Some of these are already widely recognised and covered by the mainstream media, some are newly emerging, and others are as yet unknown.
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As a long-standing technology partner for multiple financial organisations across the UK, the team at Exponential-e have been observing the sector's evolving relationship with technology for some time - both the growing demand for a higher standard of operational resilience, and an increasing awareness of the challenges and opportunities that Cloud transformation presents.
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The Finance sector has always been one of the most dynamic, rapidly evolving industries, and this shows no signs of changing any time soon. But while shifts in the landscape may well open new opportunities, they will also come with new challenges, and it is the organisations who are ready and able to face these head-on who will continue to thrive in the years ahead.
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The finance sector is required to have one of the most sophisticated cyber security postures in the world, with bureaus, banks, finance companies and insurers working closely with their technology partners to ensure sensitive financial data is managed, stored and transferred, with a stringent range of international security standards that must be adhered to at all times. However, cyber criminals have demonstrated repeatedly that they are constantly working to breach even the most sophisticated security ecosystems, devising new ways to exploit both technological vulnerabilities and human error.
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In a heightened cyber threat landscape - where ransomware attacks are increasing in frequency and sophistication - and having weathered the challenges of COVID-19 and the resulting move to hybrid working, the Finance sector is still continually challenged to demonstrate to its customers that critical services will remain available no matter what, and that sensitive financial data will remain fully secure at all times.
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For some years now, Cloud adoption has been steadily on the rise across the UK's Finance sector, with organisations including banks, insurers, and investment firms phasing out increasingly cumbersome legacy systems in favour of more scalable, agile, and cost-effective infrastructure. Indeed, more than 48% of UK banking services are now built on Cloud infrastructure.
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