We’ve reached the end of another week. But that doesn’t mean we can’t look back at a few of the top stories from the banking and technology world. Here’s a roundup of interesting news we’ve been reading on the web this week.
Think banks are all about modernizing core systems and protecting their data from would-be attackers? Think again, according to this Capgemini study covered by ZDNet. Only one in three banks are actively working to upgrade their core processing and payments systems, even though many executives indicated multichannel delivery was high on their wishlists. What’s more, security didn’t take as high of a priority as one might expect. With so much at stake for a financial institution, in terms of its data, this seems almost counterintuitive.
InformationWeek: Microsoft Preaches XP Conversion
April 2014 really isn’t that far away. At least not when it comes to upgrading all of your financial institution’s workstations to the latest versions of Windows. InformationWeek reports that Microsoft is continuing to remind companies that now is the time to consider an OS upgrade, as XP support drops out next spring. We’ve said it here before. One in three banks are still running Microsoft XP. If you’re one of them, now is a good time to start planning an upgrade.
CFPB Journal: CFPB gives banks tips for currying its favor
Late last month the Consumer Financial Protection Bureau gave a few hints as to how best to avoid enforcement actions from the new agency. The CFPB Journal writes that financial institutions can ease the wrath of potential CFPB enforcement by self-policing, self-reporting, remediation and cooperation. In case you missed it, Safe Systems recently published a helpful guide to preparing for any financial regulator — click here for a free download of 8 Steps to a Successful IT Exam.
Although the debate rages on as to the future of branch banking in an increasingly online world, some data indicates the youngest customers are still among the most likely to visit a physical branch to open a new account. The Financial Brand reports that Gen-Y (those under 30) are the second-least likely demographic to open a new account online, with only the oldest group of customers — the over-50 set — to be more reliant on a branch for new account services. Part of the reason may come down to trust and understanding exactly what products and services they’re signing up for.
Bank Technology News: New Breed of Software Detects Malware from a Distance
While the threat of malware has increased some 600%, according to some reports, the kind of software available to help defend precious data is advancing too. Bank Technology News reports on some of the technological advancements helping financial institutions identify and fight off digital bad guys.