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Hi. My name is Daniel Cohen and I'm the director of Product Management for RSA's Fraud and Risk Intelligence Suite. And from here at RSA's Anti-fraud Command Center, I'd like to extend a warm welcome to all of you, to our product portfolio. Over the next several minutes I'd like to walk you through the changes that are occurring in the financial industry and why we have such a big opportunity for our products in the marketplace. Consider the following: When was the last time you walked into a bank, a physical bank, to do your banking? If you walk up to any banking CEO today, at the top of his agenda he'll tell you that the number one focus is making his bank a digital company. A technology entrepreneur first, before being a bank. We see this change and this notion of this paradigm shift taking place across the globe in banks big and small. Let's consider for a second the mega trends that are impacting this change and how banks view their marketplace. Let's start with the consumers. As consumers, we're all very much creatures of convenience and digital provides that level of convenience. Today's consumers are expecting banks to be a lot more accessible, on digital channels and offer a lot more services and features and functions via digital channels be it web, be it mobile and native apps and the likes. The second mega trend is FinTech and if you consider that the consumers are pushing towards and wanting more and more digital channels, the FinTech is there to provide. All the FinTech's, these start-up company's that are picking up around the world offering new and innovative forms of payment. Anything from Bitcoin, peer-to-peer lending, peer-to-peer crowdsourcing. Anything that you want to do interesting, anything new and innovative that you want to do with your money, you can find a FinTech today that'll offer those services. Think about the pressure that is now being put on banks to meet that demand for these digital services. Banks that don't rise to the challenge are going to fall by the wayside. The third mega trend that's impacting the industry is obviously regulation. And we've all heard about regulation running a muck practically around the world but specifically in the financial industry. And again, coming back, considering that the consumers are driving the demand for digital content and for digital access, the FinTech's jumping up and responding to that demand, the regulators are also rising up to allow and provide that access that the consumers are expecting. And so, across the world we're seeing regulators turn to banks and force them— And lets for a second consider PSD2 in Europe, where the regulator is telling the banks "Thou shall open access to third party's" and those third party's, those FinTech's are going to give consumers more visibility into their accounts and more possibilities and opportunities for additional services that they can leverage on top of their existing accounts. And PSD2 is just one example. We're hearing about regulators in Africa that are following the regulation steps being done in Europe. We're hearing about regulators in APJ, in Asia, in Japan that are also starting to recommend these types of guidelines to banks to open up this access to third party's. So that's a huge, huge change and again, a mind-shift in the banks and what they need to do in order to stay relevant in this marketplace. The fourth mega trend, the fourth thing impacting industry is e-commerce. And we've seen e-commerce, we know e-commerce rises year over year but over the next two years, there are going to be certain changes in the way the e-commerce market works that'll generate even more e-commerce traffic to credit card issuers. This change is the 3D Secure 2.0 protocol that'll be launching later this year and mandated next year. But what it practically says is it now supports native apps, again that digital experience that consumers are looking for. So it's now supporting e-commerce over native apps and we're going to be seeing more e-commerce traffic hitting the 3D Secured Network protocols. The last trend that I want to talk about is the Internet of Things. And the Internet of Things you know is a buzz word. You'll hear it pretty much in any conference, in any presentation but how does it impact the financial industry? Think about Amazon Echo for a second. Amazon Echo, several years ago when it got started, understood or could act upon about 100 or so contexts. Today it can act upon 10,000, over 10,000 contexts. You could be sitting in your living room talking about tonight's football game and how the fact that maybe you ran out of beer and that there are no pretzels and the Amazon Echo is going to hear this and place an order for beer and pretzels and those will be delivered over the next hour with a drone. But Amazon Echo is going to understand that there's a need and it will decipher that need, act upon it and spend your money buying beer and pretzels without you actually being involved in the transaction. That's where we're headed to. Also, the other day I read an article that Amazon Alexa, you know the voice behind Echo, will be integrated into Toyota's on-board computers in their cars. We'll be able to do shopping and interacting with financial accounts from anywhere, from all these different devices. This is obviously going to create a huge on the banks from a transaction perspective and we're going to see lots of new channels opening up for consumers to interact with. Okay, so we spoke about the consumers then generating demand for digital access, the FinTech's rising up to that challenge, the regulators that are allowing or forcing the banks to give the FinTechs that access to the bank accounts, the growth of e-commerce and lastly the Internet of Things. And if we consider kind of the history of banking and the evolution of banking, just to prove another point— So banking used to be very, very physical. We'd have to get up out of our chair, walk down the street, go to the bank in the city, walk into the bank, walk up to the teller, wait in line and then do our banking. And then for the sake of convenience, the bank turned around and said, you know what, don't get up off your chair, just call us and you know, telephone banking was born. And so I could call the bank, authenticate myself with a couple of questions and do my banking. Then the world wide web came along and the bank said hey you know what, don't even call us. You don't need any human interaction, just log in via the website and do your banking. Next thing you know, iPhone is invented and then there's an app for that. And now the bank is saying you know, just do your banking from anywhere in the world at anytime that you want using the native app. And so again, the bank is doing this, the driver for this is convenience. And don't forget, the more convenience is created, the more transactions, the more financial transactions are being done. And if you think about everything we just learned, again, the changes, the FinTech's, the demand for digital content, the regulation, e-commerce, Internet of Things. A lot more transactions are going to be created and are going to be hitting the bank across all the different channels. Our product can help our customers grow in this new digital world while keeping operational costs low, offering a frictionless end user experience for the consumers and keeping fraud losses at bay. And it's not just financial institutions that can benefit from our products. Anywhere where financial transactions are involved, be it retail, health care, insurance, our products can help mitigate the risks of fraud.

Video Details

Duration: 7 minutes and 45 seconds
Language: English
License: All rights reserved
Genre: None
Views: 10
Posted by: william.duncan on Feb 19, 2018


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