Banking and Financial ServicesDeliver security and compliance, whilst enabling connectivity and improved customer experience
Banking and financial services we provide solutions and services for include…
Today, financial services data exchange isn’t just about meeting critical security and compliance standards. Open banking is increasing competition and innovation in financial services, giving the end-user more control over how they manage their finances. Customer experience is increasingly import, so banking and financial services need to be accessible and convenient.
So is your legacy file transfer solution up to scratch? If you’re experiencing missed payment deadlines, inaccessibility, frustrated clients and the risk of fines, then it’s time to replace it.
Here you’ll see a range of use cases that demonstrate how secure, managed file transfer, automation and integration support security and compliance, whilst driving business efficiency and enabling innovation and enhanced customer experience.
This technology will standardise and secure your file transfers across the business and scale as needed, whilst supporting the move to open banking.
Financial services cover a wide range of operations, including commercial and personal banking, loans, pensions, mortgages, credit cards, insurance and more. These examples are universal.
“Pro2col have been fantastically patient and have gone above and beyond the call of duty in making sure that we made the right decision and chose a product that was suitable for us.”
Replacing legacy systems and homegrown scripts
Replacing in-house developed or legacy systems remains the most frequent requirement for our financial services customers. MFT encrypts data in transit and at rest, meaning bank details, credit reports and other sensitive data is transferred securely.
Home-grown solutions are no match for modern managed file transfer, which enables processes to be centralised, provide comprehensive auditing and reporting functions and minimise ongoing support overheads by removing the need for custom scripting. Reducing the proprietary protocols such as Connect:Direct, can significantly reduce costs. You will replace the need for additional customer-facing systems, and communicate with standard protocols such as SFTP.
An overhaul of legacy systems is sometime prompted by a merger, where complex applications and data flows need to be streamlined.
Ultimately streamlined data flows enable better customer experience, providing better results and performance for the organisation.
Security controls to protect financial data
Financial services organisations are exchanging payment and account data, personal and customer information and sensitive corporate data. Secure managed file transfer protects this with advanced security controls, including: Encryption at rest (PGP, AES), encryption in transit (SFTP, FTPS, HTTPS), authentication and access control, and more.
This will prevent information leaks, data sharing violations and security breaches, whilst also protecting sensitive business intelligence.
The use of a gateway manages external data flows with partners, such as banks, employers, pension funds, insurance providers, brokers and more.
Visibility, supporting regulatory compliance and business responsiveness
Secure, managed file transfer streamlines data flows and provides a single point of control. This simplifies auditing and reporting for compliance purposes, whilst enabling a real-time view of data.
This ‘single pane of glass’ view means IT can see where, when and how all transfers take place and control access to data. This granular visibility and reporting is particularly important for compliance and responding quickly to regulators. Some solutions even have inbuilt features to support PCI DSS, GDPR and other standards.
This real-time view of data also means IT, production support, and product management staff can view transactions or other business intelligence in detail, in real-time. This is critical – for example – for providing immediate access to business data by the end of the trading day for the stock market.
Efficiency and improved customer experience through workflow automation
Workflow automation allows you to automate vital process. This not only speeds up operations, but also eliminate the risk of human error that could potentially extend the process. This improved efficiency and enables a better customer experience.
Some examples of how workflow automation can greatly improve financial services processes include:
- Securely and automatically exchanging statement data with customers
- Faster transaction processing times, through automation
- Simplified management of new and existing clients
- Speeding up the customer onboarding cycle
- Secure online forms allow customers applying for mortgages, loans or other services to securely drop off documents, then automated workflows can deliver the onward business processes.
Think of an insurance company needing to move claims data back and forth. Each claim needs to be assessed by multiple departments before being accepted. MFT will automatically move the data from the initial file location to the required end user. MFT aids the secure transfer of files to keep the claims process running smoothing, whilst also providing clear visibility to track the movement of data.
Connectivity to support Open Banking and improved customer experience
Financial services need to integrate with legacy systems that are still common throughout the industry as well as the web services platforms that are leading the way in open banking.
Solutions come with a number of pre-built connectors and APIs to connect with third parties.
For business clients, APIs can enable data to transmit between the customer system and the bank’s systems automatically, either as traditional batch files or in the form of real-time web services. Eg: Processes include payment instructions, banking information, payables, receivables, and more.
For consumer banking, this connectivity enables online banking, mobile banking and more.
Secure managed file transfer and automation solutions are critical in a cloud or hybrid integration infrastructure. Pre-built connectors enable the Managed File Transfer server to natively connect to a vast array of cloud storage endpoints, such as Amazon S3, Microsoft Azure Blob, Citrix Sharepoint, Google Cloud and Oracle Cloud. Many cloud application connectors are also available such as Trello, Salesforce, NetSuite, SAP and more.
Fully hosted MFT in the cloud has become more and more popular, providing the automation, security and reporting of traditional MFT, but with all the benefits of the cloud including: Reduced operational costs associated with hardware, benefits from high availability, the latest innovation in infrastructure, security and connectivity speeds.
Secure remote working is increasingly important post-COVID. Secure file transfer and collaboration functionality allows staff to have secure remote access to company files and work collaboratively on the same version. It also allows them to transfer files securely outside the organisations, without resorting to insecure, consumer grade apps to share files. All exchanges remaining in-line with the company security policy.
Human resources (HR)
System-to-person automation can send and audit the secure distribution of HR documents, including contracts.
In fact, HR departments can deliver the complete employee onboarding process with both front and back end system automation. This removes manual steps and improves accuracy. For example, the employee or HR contact can fill in a configurable web form, which includes e-signing and dating. Then this can automatically be exported as a pdf contract and stored in the repository. Next a fully automated user provisioning workflow can be executed, setting up access and logins for in systems like ActiveDirectory and ERP, emailing the user their login credentials.
Marketing teams regularly share large image or video files, which are too big for email. They often resorting to risky consumer grade, insecure file sharing apps.
A controlled file sharing environment can easily integrate with existing email infrastructure, allowing users to share large files. There are additional security controls, administrative access and visibility of all transfers. Permissions can be set in line with data access policies so that staff only access the data they need in order to do their job.
Finance departments can manage invoicing, orders and payroll documents using automated workflows.
System-to-system automation can trigger regular batch transfers and onward data gathering processes to populate spreadsheets or reporting.
As vendor-independent specialists in secure managed file transfer, workflow automation and system integration, we’re expertly placed to guide you to the right technology and vendor for your requirements.
We’ll share Pro2col’s ‘MFT Buyer’s Guide’ straight to your inbox. Then we’ll provide a scoping call to discuss how this technology supports your process requirements.