GenAI-Driven Attacks Require Changes to Application and Data Security Practices and User Monitoring End-user spending on security and risk management (SRM) in India is forecast to total $2.9 billion in 2024, an increase of 12.4% from 2023, according to a new forecast from Gartner, Inc. Indian organizations will continue to increase their security spending through 2024 due to legacy IT modernization using cloud technology, industry demand for digital platforms, updated regulatory environment, and continuous remote/hybrid work. “In 2024, chief information and security officers (CISOs) in India will prioritize their spending on SRM to improve organizational resilience and compliance,” said Shailendra Upadhyay , Sr Principal at Gartner. “With the introduction of stringent government measures mandating security breach reporting and digital data protection , CISOs are facing heightened responsibility in safeguarding critical assets against evolving cyber threats.” Gartner a...
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Published on Monday, 25 June 2012 16:28
Cisco’s findings from its IBSG Omnichannel Banking Study shows consumers want banks to deliver financial advice and banking services through both virtual and physical channels. Ushering in a new era of omnichannel banking that provides customers with services in a manner most convenient and personalized to their needs.
To address the omnichannel banking trend, Cisco has announced Remote Expert Smart Solution for Retail Banking, which helps enable virtual face-to-face meetings via video between customers and specialty lending, wealth management and other types of banking advisers -- from any bank branch, in real time.
The solution will enable banks to maximize the efficiency and productivity of financial services advisers so they can capture customer business at first contact, providing a personalised customer service. The networking giant says banks are operating in a challenging environment of rapid economic change, more technology-savvy customers, thinner margins and increasing regulations.
Many banks are looking to adopt an omnichannel banking strategy to optimize their retail channels based on customers' preferences to offer more personalized financial services. "As banks evolve their business models for delivering personalized service, Cisco has expanded its solution to focus on ease of use, scalability, and a high-touch experience. It offers an omnichannel environment," says Paul Mountford, senior vice president, Global Enterprises, Cisco.
The study also recommends strategies that will drive profitability and increase customer satisfaction. The survey included 5,300 consumers in five developed countries (Canada, France, Germany, U.S. and U.K.) and three emerging countries (Brazil, China and Mexico).
Research Highlights
Despite the popularity of virtual banking, global consumers still value bank branches for personal attention and favor expanded services that include different kinds of financial advice – creating opportunity for the omnichannel branch.
Consumers globally rejected the idea of highly automated branches with limited personal attention and expertise, with 26% consumers saying they would leave their current bank if personal attention and advice were eliminated from their bank branch.
Overall, consumers want to use all the options available to them across physical and virtual channels. Frequent users of virtual channels also visit branches more frequently, with 30% of users of virtual banking channels also being frequent branch visitors (2+ visits per month).
45% of consumers favor a total virtual banking alternative over one where they'd use automated branches with limited advice or personal attention (23%).
Consumers' views on other omnichannel banking reveal preferences for service specialization by channel and vary by region:
Internet: 78% of consumers in developed markets and 72% of consumers in emerging markets prefer to use bank Web applications for paying bills, managing accounts, checking balances, and other basic transactions.
Mobile: 13% of consumers in developed markets and 18% of consumers in emerging markets prefer to use mobile banking applications for real-time expense tracking, personal finance management (PFM) and payments.
Video: 23% of consumers in developed markets and 43% of consumers in emerging markets saw the use of video conferencing as a way to enhance the quality of advice in situations where the access to quality expertise is a concern.
Social: Only 1% of consumers in developed markets and 8% in emerging markets indicated a preference to use the social media channel for conducting banking transactions.
Consumers' concerns in protecting personal information could be a roadblock to quick adoption of omnichannel banking.
Significant concerns about privacy, security and identity theft was prevalent among consumers in both developed markets (65%) and emerging countries (53%).
42% of consumers consider banks to be the most trusted stewards of their digital information, ahead of the government (19%), telecommunications companies (6%) and social media sites (4%).
An "opt-in" approach could remove roadblocks: 29% of consumers oppose giving complete access to personal information for value propositions; however, they will share personal information in an opt-in basis.
-----Cisco
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