PROMONTORY SERVICES UPDATE:
Banking on Technology
By Duffy Mees
The banking sector is fundamentally different than it was before the 2008 financial crisis. And maybe the biggest change is the growing role of technology in banking. Banks have invested heavily in technology in recent years, and the primary reason is customer demand. From online banking to social media to mobile banking, the industry believes technology is a positive factor for the financial sector, and according to Promontory’s recent Bank Executive Business Outlook Survey, banks think they are prepared to handle the resultant changes in consumer behavior.
At Promontory, we understand the importance of technology for the banking industry, and we are committed to providing Network members with innovative financial services matched with the latest technologies. In fact, Promontory was recently recognized for technological and financial innovation when Banking CIO Outlook named the company as a Top 10 Treasury Management Solutions Provider for 2016.
But while most banks think technology is a net positive, the move towards greater levels of technological utilization does present challenges. Data breaches and compliance issues remain major concerns for bank C-level executives.
Similarly, many financial service technology companies find it a daunting task to keep up with these threats because they may have numerous environments to maintain, such as development, testing, and production.
As a financial technology company ourselves, we work diligently towards automating the development, testing, and deployment processes to eclipse the threats on IT. Also, we have an innovation lab that helps our employees to efficiently develop virtualization and cloud deployments and to reduce the time to project completion. Promontory’s current services and future plans all have security at their center.
As Promontory’s CEO and President Mark Jacobsen has stated, “We are constantly thinking about how we can use technology to transform financial processes, as we did with CDARS® and Insured Cash Sweep®, because we know that the future of banking is inextricably linked to the future of technology and innovation. And we expend significant amounts of money, time, and personnel to audit and fortify security for each of the services we offer.”
To learn more about Promontory’s risk management processes, including hardware and software redundancy, data handling, technical controls, continuity planning, and external reviews and audits, please ask your Regional Director for available due diligence reports created by the American Bankers Association for each of the following services: Insured Cash Sweep, CDARS, IND®, and Bank Assetpoint®.