For financial institutions and banks, security tools are an essential part of their business, not only in terms of keeping their customers’ accounts safe but also with regards to internal compliance. These organisations have a responsibility to safeguard both their customer’s money and information. Consequently, it’s vital they have the tools and technology in place to protect these critical assets.
As technology continues to develop at pace, in 2020 we will see more banks begin to adopt artificial intelligence (AI) paired with machine learning (ML) to offer their customers enhanced security features. Additionally, as misconceptions and myths about cloud security are dispelled, the adoption of cloud technology will also increase. Now, in 2020, what will the increased uptake of these technologies among financial institutions mean for security in the banking industry in the next year?
AI & ML
Through increased use of AI and ML in 2020, banks will be able to help customers keep their accounts more secure by detecting any anomalies and fraudulent activities much quicker than previously possible. The beauty of using AI and ML in this way lies in their ability to understand what is ‘normal’ for each account or card by recognizing patterns based on past transactions and behaviors.
Source: techradar.com