The financial sector is a competitive industry driven by economic opportunity. Today, regulatory issues and fluctuating fiscal climates signify a complex business atmosphere where IT challenges frequently slip beneath more pressing priorities. At the same time, banks, credit unions, financial advisors, stock brokerages, accountancy companies, credit card companies, etc. have found themselves operating largely on the innovations of the Information Age. Therefore, failing to progress in this arena often translates to a missed opportunity.
For example, most consumers are accustomed to accessing financial accounts online—in fact, many even demand this convenience of online banking. Online banking, itself, is a modern norm that opens up a world of IT challenges and security concerns.
Without question, the financial services industry is reliant on technology, and effective technological integration will lead to data-driven organizations that are better equipped to meet the needs of customers. A few challenges these institutions likely face include migrating to digital and mobile banking, observing compliance regulations established by the Financial Industry Regulatory Authority (FINRA), and preventing identity theft as creditors defined by the “Red Flag Rule.
With the proper technologies, financial institutions and their customers will quickly and easily enjoy integration, flexibility, efficiency, and FINRA compliance. The real challenge faced by the financial sector is getting these technologies compliantly implemented and properly managed. Enter KT Connections: a local business technology solutions provider that has been building experience and expertise in the financial sector since day one.