Businesses, particularly those in the mortgage industry, are finding it increasingly important to offer an effective, easy-to use digital platform for their customers. As more business processes go digital, companies need to evaluate their cybersecurity practices and set up controls to protect sensitive information. Today’s threat landscape is changing—bad actors are using more sophisticated measures to target entire industries to gain control of businesses, steal sensitive information and disrupt supply chains.
Whether you are doing more business in the public or private cloud, starting to look to emerging technologies to improve business or relying on mobile channels, you can increase awareness of cyber threats and protect yourself and your financial data.
65% of clients have seen a substantial increase in cybersecurity investment and 35% have seen a moderate increase in investment.
As companies look for ways to reduce back-office costs, they’re turning to the cloud environment to store and manage data, streamline processes and run business applications. There are clear benefits to using the cloud—including speed to market—but it’s also important to manage the risks.
To get more comfortable in the public cloud environment, start with less sensitive data. This allows your security and technology teams to gain learnings while balancing risk.
More customer interactions are taking place on mobile today than any other channel. In the financial industry, banking transactions that used to require phone calls and in-person meetings can now be done on a mobile device. There are a few best practices to keep in mind when designing banking solutions for mobile:
Mobile devices are increasingly being used to reduce client friction points. Mobile platforms can potentially deliver both a secure control environment and a frictionless client experience.
When it comes to payment fraud, clients are worried about checks (13%), card (27%), ACH (7%) and wires (53%).
There’s been a lot of hype around emerging technologies such as machine learning and big data in the housing market. They can be incredibly powerful tools. Just in the last few years, these technologies have shortened the amount of time to originate a loan—from 60 to 90 days to just hours. In the credit market, predictive algorithms are helping inform credit decisions. The mortgage industry is ripe for disruption, and with the growth of computing power and data storage, there is a lot of potential to automate processes and improve the customer experience.
While data can be harnessed in powerful ways, always think about what the benefit is for the customer using that data. Be sure you know where the data is stored and who has access.
Rohan Amin is Chief Information Security Officer and Chief Technology Control Officer for J.P. Morgan Chase. Rohan leads the team that protects the firm and its customers, clients, employees and partners from cybersecurity threats. Anish Bhimani is Chief Information Officer for Commercial Banking at J.P. Morgan Chase. He has global responsibility for the technology environment supporting the Commercial Bank, a $9 billion business serving more than 24,000 clients nationally.
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