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Banking in the Digital Age Part 5: Digital Trust

Steve Pemberton, Accenture’s financial services APAC head of banking | June 8, 2016
We conclude Accenture’s five-day series on how to navigate digital disruption in banking by underscoring the importance of building trust.

Banks should also integrate security solutions-such as security-aware application design, integrated database security, dynamic access controls, and runtime application protection-into new products.

Finally, banks need to identify indicators of risky insider activity, putting in place internal components-such as next-generation electronic communications surveillance- to detect early signs of possible fraud or criminal activity, whether intentional or unintentional, and they need to be public about how stepped-up their risk efforts are today. The world's biggest banks could boost their earnings by as much as $500 million a year by reducing their misconduct penalties by just 10 per cent. Simply put, it is in the bank's interest to be ethical.

Demonstrating that banks are trying to build trust is an ongoing effort - but it's essential in the digital era where mistakes are compounded quickly and news cannot be buried. There is no place to hide so the best solution is to be forthright, ethical and honest - to earn customer trust through sound, first-rate digital practices.

 

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