There is fierce competition in the financial industry, where traditional banks have to clash with fintech and neobank competition. This forces banks to constantly evolve and invest in the latest technological solutions. The financial sector is changing rapidly under the influence of new technologies and new players in the market, and traditional banks need to adapt to these changes in order to remain competitive and meet the requirements of increasingly demanding customers.
Business continuity as a priority in banking
To attract new customers and retains existing ones, traditional banks need to meet growing customers expectations. Ensuring business continuity is a key, as customers expect to be able to bank anytime, regardless of the day or time. Mobile apps and online platforms have to work seamlessly to enable customers to perform financial operations in an efficient and convenient way.
To achieve these objects, continuous monitoring of the IT infrastructure is essential. This makes it possible to detect potential problems and intervene before they escalate, which is crucial for maintaining service reliability. In addition, the successive modernisation of the IT layers makes it possible to adapt to changing needs and technological trends, thereby increasing completeness.
Secure and flexible cloud
In order to achieve greater flexibility and efficiency, financial companies are increasingly opting to move the core systems to the cloud. Migration to the cloud accelerates operational processes, optimises IT-related costs and significantly increases system security. The ability to quickly switch key IT environments to disaster recovery center in the event of unpredictable failures or hacking attacks is becoming increasingly popular among companies in all sectors.
Data sovereignty is crucial. Sensitive data – financial, medical, data covered by RODO – should be properly encrypted, stored and processed in data centers subject to Polish and EU legislation. Cloud service providers are subject to rigorous requirement and certifications that guarantee the highest level of security – argues Stanisław Borkowski, Director of Security and Quality Division at Polcom.