Tech Time: 4 ways technology has changed financial services

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first_imgThe emergence of new technologies has had a dramatic impact on the way Americans do business. For many industries, technological advances have transformed enterprise operation and structure. The financial services industry has been revolutionized by the digital age. New technologies and the shift toward the cloud have made some aspects of business operations easier and has facilitated operating on a scale that is otherwise unattainable. However, this shift does come with its own set of challenges. Here are four ways technology has shaped the financial services sector.1. Data Is Virtual, Not Physical. Years ago, credit unions and banks were focused on securing physical data—guarding servers and tangible files filled with personal and sensitive information. This emphasis has shifted as data is largely virtual. Of course, branch security remains a priority, but financial institutions must also fend off large-scale attacks, as the costs of a cyberattack are potentially devastating.Automation has changed almost every aspect of financial services. Credit unions and banks have computerized tellers, digital records, and electronic payments, and all of this data can be sent across the world with the click of a button. The plethora of personal information collected in the course of business is sensitive, identifiable, and vulnerable. When a financial enterprise is hacked, a lot more than money is at stake. continue reading » 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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