NCR Voyix: Fraud Is ‘Massive And Ever-Present’ Concern
While regulatory changes can present challenges, they can also create opportunities, NCR Voyix Chief Product Officer, Digital Banking Doug Brown writes in a new PYMNTS eBook, “Beyond the Horizon: How to Identify Unexpected Threats That Could Impact Your Business.”
In the first half of 2024, we’ve seen a lot of changes in the financial services industry. And as we approach a tumultuous election, we’re bound to see a lot more, especially in regulatory shifts, further economic instability and major fraud and security threats. As a provider of digital-first banking solutions to banks and credit unions, it’s critical that we stay on top of the always-moving goal posts, ensuring we’re helping them provide a great digital experience to their customers and members.
Regulatory changes are a constant wild card as governments and regulatory bodies continue to update and refine the rules around data privacy, cybersecurity, regulations and more. These changes can present challenges, such as increased compliance costs and operational adjustments, but they can also create opportunities to innovate and offer more secure and compliant services. Staying ahead of regulatory trends and proactively adapting to new requirements will be imperative to providing financial institutions with leading digital solutions.
Economic instability is another unpredictable factor that could significantly impact our business. Global economic shifts, such as interest rate changes, inflation or a potential recession can alter consumer behavior and the requirements they have of their digital solutions. In times of economic downturn, banks and credit unions will see an increase in digital-first banking solutions as customers and members seek to manage their finances more carefully. Conversely, economic growth can drive demand for a broader range of financial products and services as buying power shifts. By remaining agile and responsive to these economic shifts, we can help our clients capitalize on emerging opportunities while mitigating risks.
Lastly, fraud and security are massive and ever-present concerns for us and our bank and credit union clients. As financial institutions expand their digital offerings and user base, the risk of cyberattacks, fraud and data breaches grows. A significant security breach could have severe consequences for financial institutions beyond just reputation and cost; it can also lead to substantial financial loss and regulatory penalties as well. By investing in advanced cybersecurity measures and staying vigilant against emerging threats, we can protect our clients and their users.
Balancing these changes — regulatory shifts, economic instability and security threats — requires a proactive approach and a commitment to continuous improvement. While we cannot predict every twist and turn, by staying agile, remaining focused and providing leading digital-first banking solutions, we help set our bank and credit union clients up for sustainable success and growth.
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