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MITIGATING THE BREXIT BLUES

– Chris Labrey, MD of Econocom UK & Ireland

 

Even if or when the UK leaves the EU with a Brexit deal, businesses are still likely to feel much uncertainty. For instance, VAT payments on the import and export of goods and services to and from EU countries will change, while patents and IP may need to be re-examined. Beyond Brexit itself, businesses will face many challenges and changes as the UK re-negotiates its trade deals through the transition period.

The UK has already missed two leave deadlines and it’s now nearly three and a half years since the country voted in the referendum — far too long for businesses to adopt a ‘wait and see’ approach. Understandably, there is a hesitance among some organisations to invest heavily in new assets, such as technology. Indeed, the recent CBI PwC Financial Services Survey reports a decline in optimism, and many plans to launch new products and services are on hold. In addition, profitability is at its weakest performance since 2009.

However, investment is crucial to business survival. The same report details that banks are hiring at their fastest rate since 2006 to manage projects, regulations and to prepare for Brexit. Investment management is also seeing strong growth in capital expenditure, including IT, as the key drivers for spend primarily relate to increasing efficiency and speed.

Yet unless budgets are limitless, financial organisations will need to make decisions as to what IT investments have a higher priority over others. But what if there is a way to ensure that all technology requirements can be met, not just some? Subscription models could be the solution.

 

Chris Labrey

Embracing subscription and as-a-service models

Subscription and as-a-service models not only ease the burden of an upfront investment, but they also allow financial organisations to implement the latest technology while streamlining payments and minimising the risks of deployment. This strategy has many business advantages, such as:

 

Access to the latest technology

While large IT investments are carefully planned and budgeted for, sometimes decisions need to be made quickly as the latest technological and software developments are required to remain agile and stay ahead of the competition. With an as-a-service solution, there is no waiting game in terms of budget or capex; the technology can be added to the existing subscription and deployed within the organisation almost instantly.

 

Empowering users

In today’s working environment users — financial customers and employees — expect to have access to the latest technology. Otherwise, employees feel disempowered, demotivated and unable to do their job, while customers simply vote with their wallet.

The beauty of subscription and as-a-service models is that technology can be deployed and upgraded as it is needed — staff can be productive, and the customer experience isn’t impacted. These models are also versatile enough to include warranty and insurance services meaning that technology can be replaced quickly with minimal user downtime. Lifecycle management solutions can also be included to minimise the total cost of ownership.

 

Agile working

New technology is not only a productivity perk, but can also offer more flexibility, providing an added incentive to motivate employees and drive the business forward. This could mean working from home, or the use of shared mobile devices within the office, designed to facilitate collaborative working.

Subscription and as-a-service models allow new devices or platforms to be added on to existing contracts as employee numbers increase.

 

Planning for the future

With the UK’s future relationship with the EU remaining unclear, businesses are understandably putting off large investments. However, what is evident is that investment in new technologies is key in order for financial services organisations to remain ahead of the curve, agile and relevant in a competitive landscape.

Replacing, upgrading or installing new technology and software assets can be time-consuming, challenging and costly. In lieu of sign off for large standalone investments being available, subscription and as-a-service models are a viable way for financial businesses to spread costs over several years. In this scenario, capital expenditure is protected, whilst business processes and customer service are improved, empowering users and driving success in customer attraction and retention.

Therefore, in these uncertain political times, it is key for future success to find a trusted technology partner, who understands the financial sector and can support with the set up and management of new technologies to maintain growth. When implemented through a subscription model, this can allay concerns around budget and business agility.

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SONY BANK SECURES AND ENHANCES MOBILE BANKING WITH ONESPAN’S MOBILE SECURITY SUITE

SONY BANK

App shielding, biometric authentication and additional technologies secure and improve the customer experience for Sony Bank’s mobile banking app

 

OneSpan™ (NASDAQ: OSPN), the global leader in securing remote banking transactions, today announced that Sony Bank is protecting its mobile banking transactions with OneSpan’s Mobile Security Suite. OneSpan helps the bank secure and improve the customer experience by detecting and preventing mobile threats in the background, while integrating convenient features like facial recognition and fingerprint biometrics.

 

Mobile banking adoption continues to increase and the frequency of mobile attacks like malware and trojans continue to rise. Sony Bank was able to address both customer experience and security by launching its banking app and securing it using OneSpan’s suite of mobile SDKs. Mobile Security Suite integrates application security, biometric authentication and Application Shielding, which detects and mitigates fraudulent activities and helps ensure the integrity and protection of apps and data.

 

“Addressing security and customer convenience was key for us, and with OneSpan’s solutions we are able to achieve both,” said Sony Bank Senior Manager of the Systems Planning Department, Shuichiro Sumimoto. “The technology comprehensively protects the device and the application, while providing an easy way for our customers to complete mobile transactions.”

 

“OneSpan’s Trusted Identity solutions enable banks to simultaneously fight an ever-increasing number of threats while ensuring a seamless and easy customer experience,” said OneSpan CEO, Scott Clements. “With Gartner predicting that by 2022, at least 50% of successful attacks against mobile apps could have been prevented using in-app protection,[i] Sony Bank is taking the right steps to future-proof its business.”

 

While mobile threats are on the rise, so too are regulations designed to make banking more secure and transparent. In particular, the global move toward Open Banking has triggered regional regulations such as the Amended Banking Act of 2017 or the Second Payment Services Directive (PSD2) in Europe. Using OneSpan’s technology, Sony Bank can address today’s PSD2 requirements with the aim of using the technology to address potential future regulations.

 

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KOREA’S KB BANK USES TRUSTONIC IN-APP PROTECTION TO ENHANCE MOBILE BANKING EXPERIENCE

MOBILE BANKING

Using Trustonic Application Protection enables KB Bank to dramatically improve the authentication experience for users of its mobile banking app and allow secure high value transactions

 

Mobile cybersecurity leader, Trustonic, today announces the successful implementation by KB Kookmin Bank (KB Bank) of Trustonic Application Protection (TAP™) to enable a simpler authentication experience for users of its KB Star Banking app. By combining TAP with its new digital authentication certificates, the bank is dramatically simplifying customers’ access to banking services and enabling them to authenticate higher value transfers in-app, without the need for cumbersome user authentication practices like security tokens.

The largest Korean bank by number of mobile users, KB Bank provides online and mobile banking services to over 10 million customers. Trustonic’s mobile application protection is enabling the bank to provide faster, simpler and more secure digital banking services by isolating authentication certificates in the hardware security of today’s smartphones. Since launching in summer 2019, the app has acquired 3 million active users, and adoption among KB Bank customers continues to grow rapidly.

Mr. Han, Senior Executive Vice President, Kookmin Bank commented: “In Korea, users need to install authentication certificates to use mobile banking services. This can be a complex and time-consuming process that often requires revalidation and multiple passwords. With our long-standing partner Trustonic, we are able to vastly improve the in-app user experience and allow our users to authorize much higher value transactions. Some security solutions make you choose between security, user experience and performance but with TAP there’s no compromise.”

 

Enhancing user experience & enabling high-value transactions with advanced security

Historically, public certificates need to be regularly renewed by the app user, which can be frustrating and time consuming. Now, because the new KB Mobile Certificates have the advanced in-app protection provided by TAP, they do not need to be renewed unless revoked by the customer or unused for one year. This significantly simplifies and enhances the user experience.

High-value in-app payments are now possible because of this advanced protection. KB Bank customers can transfer up to 2 million won (approx. $1,700 US) using their account password, and up to 50 million won (approx. $41,000 US) with a password and six-digit PIN. Amounts between 50 million won and 500 million won (approx. $413,000 US) can be verified by entering their password and PIN before receiving an additional authentication code via an automated phone call.

 

Improving in-app functionality through trust

The TAP in-app protection platform protects mobile applications by securing sensitive code, data and processes in a highly protected environment. The environment dynamically upgrades over the course of an app’s lifecycle to take advantage of the most advanced hardware and software security technologies available on smartphones. Banking, payment, acceptance and fintech app developers benefit as they can use the TAP SDK to build secure next-generation experiences.

Dion Price, CEO of Trustonic, says: “Korea’s certificate-based authentication infrastructure has historically limited the user experience for mobile banking apps. By making its banking app more seamless and secure with Trustonic’s unique combination of hardware and software in-app protection, KB Bank has vastly improved the user experience. This is a perfect example of how advanced security can enrich apps for end users, which is why TAP is being adopted to protect financial services across payments, banking, fintech and mPOS.”

For more information about how TAP is enhancing both security and user experiences, visit the Trustonic website.

 

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