Cause and Effect: If you build it, will they come?

July 23, 2014
/   Spotlight

Many financial institutions assume that digital banking is lucrative because the most valuable customers happen to bank online. While there is certainly a correlation between online bankers and higher profitability, quantitative evidence suggests that...

Intuit 2020 Report: The Future of Financial Services

April 11, 2011
/   Insights

Today, Intuit released the latest edition of the Intuit 2020 report, Intuit 2020 Report: The Future of Financial Services, which identifies and examines four key trend areas that will  transform the financial services industry...

Fast Facts: Student Loans

January 22, 2013
/   Insights

The Financial Services Roundtable recently released another iteration of its Fast Facts, reliable, bullet-point research about issues facing the financial services industry. Topics span TARP, Dodd-Frank, insurance, lending, retirement savings and more.  Below are some updated Fast...

The Top 10 Trends in the Digital Banking Industry

December 18, 2013
/   Spotlight

2014 is rapidly approaching and as the year wraps, the Digital Insight team has pulled together the top 10 trends in the digital banking industry based on data and trends from studying financial institutions....

Making Banking Fun: Gamification in Financial Services

August 5, 2013
/   Insights

Recently, the team sat in on American Banker’s webinar, “Gamification in Financial Services: Five Proven Ways to Get an Edge,” which shared how leading brands in financial services have applied gamification to reach...

Technology M&As: The Beats Go On

May 29, 2014
/   Insights

The ongoing fascination with Apple’s $3 billion purchase of Beats Electronics is entirely understandable, because it’s a cool story. However, it also says a lot about what’s going on between finance and tech.

What We’re Reading

May 5, 2011
/   Spotlight

Below are interesting stories the staff has been reading over the past week. What have you been reading? Let us know in the comments section below. Virtual Banking Worlds Provide Tangible Lessons American...

Small Business: Perception vs. Reality

November 21, 2012
/   Insights

In the most recent election cycle, like most others before it, the one sector of the economy that got the most attention was small business.  This is the future, we were told by every...

What We’re Reading: Thanksgiving Edition

November 22, 2012
/   Spotlight

Below are interesting stories the staff has been reading over the past week. What have you been reading? Let us know in the comments section below or Tweet @bankingdotcom. Mobile Thursday? Plans for Thanksgiving...

Banking institutions and financial technology startups are putting their differences aside and working to find common ground. The chasm that has traditionally existed between the two is due primarily to their divergent approaches in providing financial services.

Fintech startups utilize innovative technology to make financial systems more efficient, taking advantage of cloud data storage and blockchain technology. Other financial institutions are stuck in legacy mode, reluctant to give up the “paper trail,” and fail to provide customer portals through which clients can upload and share documents with advisors. They want to get on the cloud, but have concerns about the security of customer data, and are afraid of violating the numerous compliance requirements they must adhere to.

While blockchain and high-frequency trading are options for some, it is not a recipe for success for others. However, there are several easy ways for small- and mid-size banks to make big changes in how they function internally and with customers, without sacrificing security or compliance.

Document management
With teams spread across the country and the globe, and thousands of pages of documents in play on any given day, both internally and externally, financial services firms have a big challenge on their hands. For one, all of those documents must be organized and archived not just for clients, but for compliance purposes. Secondly, the end user has to be able to access documents on desktops as well as mobile devices. Thirdly, all transactions and sharing must remain secure and lastly, banks must retain control of all information.

Data Storage and Sovereignty
The solution is something that takes advantage of the speed, scalability and easy file sharing of the cloud, but is tightly locked down and gives financial IT complete control. It should be data-sovereign—meaning the locations of data centers are always disclosed—with data-, user- and device security. For compliance, it should store data as long as needed (seven years, forever) and should include deep, granular audit capabilities. If someone asks you what files a specific worker shares, whether she commented on them and who else it was sent to for a date three years back, you should easily be able to retrieve that information.

The system should be extensible and scalable to any existing IT architecture, rather than forcing a replacement. It should be equally usable for a mining company with low connectivity as well as the New York Stock Exchange (NYSE). Finally, it should have scalable storage and enable easy file sharing on any device.

Security and Compliance
In addition to protecting data and regulatory compliance concerns, you must be prepared to handle the ever-evolving threats from hackers at home and abroad. You can assure your customers that their data is safe by following a few basic guidelines. Look for cloud solutions that allow you to control how your data is stored and protected. They should provide multi-factor authentication, real-time auditing of user data activity, as well as device and network security. Because the financial services industry is highly regulated, utilize FINRA-compliant solutions that allow you to secure sensitive data to successfully meet regulatory requirements.

Looking Ahead to 2016
With Millennials reaching the peak of their spending power, and an ever-increasing number of tech-savvy consumers, banks need to get on the cloud and modernize their system, if they have not already done so. Try not to look at it as something to be feared. It can be a gradual and measured process, with solutions that allow you to build upon your existing system. In the long run, moving to the cloud will increase efficiency, provide greater flexibility and adaptability to market trends, and strengthen client relationships.

About Rajesh Ram: Rajesh Ram is Chief Customer Officer and Co-Founder of Egnyte. As Chief Customer Officer, his charter is to maximize customer acquisition, satisfaction and retention. Rajesh works with Egnyte’s customers and internal teams to ensure that the comprehensive voice of the customer is reflected in the company’s corporate strategy and execution.


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James W. Gabberty

Gabberty is a professor of information systems at Pace University in New York City. An alumnus of the Massachusetts Institute of Technology and New York University Polytechnic Institute, he has served as an expert witness in telecommunication and information security at the federal and state levels and holds numerous certifications from SANS & ISACA.

Brad Strothkamp

Marisa Mann

Marisa Mann brings over 15 years of experience in consulting and financial services industries to the Solstice team, working on large scale enterprise initiatives across many technologies, including specializing in the digital space – Internet and mobile. Mann is passionate about mobile and the endless possibilities for the enterprise, delivering business value through strong brand recognition and driving to excellence in the consumer experience. Prior to Solstice, Mann worked at JP Morgan Chase, Diamond Management and Technology Consultants, Washington Mutual, Inc, and Accenture.

Zachary Ehrlich

25-year-old writer, and as a native San Franciscan, I am unreasonably loyal to Bank of America, if only for their superhero-like origin story, involving the 1906 earthquake and Italian fruit vendors.