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Beginners Guide: Digital Banking, Cybersecurity and Green Finance

What is Digital Banking?

Digital banking, in short, is: the full digitisation of banks and all its activities, programs and functions – front-end and back-end – and connections both worlds through middleware.

However, the question “What is digital banking?” can’t be answered in one short sentence. So let’s dig a bit deeper and try to grasp the basics of what digital banking is to prepare you for FinHack 2019.

Digital banking relies on big data, analytics and embracing all new technologies to improve customer’s experience. Digital transformation is far beyond just moving from traditional banking to a digital world. It is a vital change in how banks and other financial institutions learn about, interact and satisfy customers.

“The banking industry was built in the industrial revolution, and focused upon the physical distribution of paper in a localized network of buildings and humans. Now we’re in a digital revolution where everything is becoming the distribution of data on a globalized network focused on software and servers, and banks have this physicality that’s locking them into old ways of doing things. They’re trying to break out of it, but it’s difficult because it’s a fundamental change of the bank structure.” – Chris Skinner

Some questions you may want to ask when thinking of ways to improve digital banking are:

- How do consumers make their banking decisions today?

- What do they feel about their banks and the services offered?”

- What are consumers open to exploring in the way they manage their finances?

What is Cybersecurity?

By definition, cybersecurity refers to the practice of protecting systems, networks, and programs from digital attacks. Cybersecurity is compromised of an evolving set of tools, risk management approaches, technologies, training, and best practices designed to protect networks, devices, programs, and data from attacks or unauthorised access.

Fundamentally we’re living in a far more technologically-advances world than we were as recently as a decade ago. If you need convincing, consider that the iPad I am writing this one hadn’t even been invented yet 10 years ago! Average broadband speeds have increased by about five-fold in the last decade, making it possible for businesses and individuals to do far more online.

“Connectivity through the Internet has yielded businesses everywhere tremendous productivity and profitability opportunities. The hitch in this otherwise welcome world is great vulnerability to cyberattacks. The same electronic avenue that makes business more profitable and life so convenient and easy also enables those who would disrupt and frequently steal. Since this evil has grown alone with this otherwise marvellous structure, spending on cybersecurity has skyrocketed, bring many legitimate business opportunities with it.” -Milton Ezrati, Forbes Contributor

This rise in the widespread use of technology brought with it a rise in cybercrime. For hackers (both the good and bad kind), the possibilities increased exponentially, along with the potential rewards.

Some questions you may want to ask yourself when thinking of ways to improve cybersecurity?

- What does the cyber threat landscape look like?

- How can authentication be streamlined?

- How can cybersecurity process be streamlined for businesses and individuals without compromising security?

What is Green Finance?

Green financing is to increase level of financial flows (from banking, micro-credit, insurance, and investment) from the public, private and not-for-profit sectors to sustainable development priorities. A key part of this is to better manage environmental and social risks, take up opportunities that bring both a decent rate of return and environmental benefit and deliver greater accountability.

“Green finance offers benefits as it helps create smarter and liveable cities, clean energy and better infrastructure. The key to promoting green finance is education” – Jospeh Lledo, VP at BDO Unibank

For more information on Green Finance stay tuned!

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FinHACK is co-organised with Societe Generale and WHub.

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