As a whole, businesses within the financial services industries experienced a relatively positive 2017. Record setting economic upswings, growth into international markets and innovative technology advancements to streamline operations were among the highlights. Yet 2017 also brought on major data breaches and cyber attacks, uncertainty from regulatory and tax overhauls and the reality of rapidly changing consumer mindsets.
The businesses that thrived during these highs and survived the lows were agile enough to adapt in the face of change and uncertainty, all while protecting their most critical assets—their earnings, employees, data and reputation.
The start of a new fiscal year often brings a new set of opportunities, challenges and threats, resulting in continued uncertainty and 2018 will be no exception. Here is how you can ensure your financial organization does more than just survive, but thrive:
Be Prepared for Changing Compliance
Compliance standards from the SEC, FINRA and FFIEC may be a hassle but it exists to make sure your organization is safe and secure. Make sure your organization is informed, prepared and proactive with continued changes that are likely to evolve.
Don’t Think a Cyber Attack Won’t Happen To You
A report by the New York State Department of Financial Services (DFS) noted that cyberattacks against financial services institutions are becoming increasingly frequent and sophisticated. If we learned anything from 2017’s Equifax breach is that no organization is safe. Make sure you’re not caught off guard.
Embrace the Digital Transformation
The financial services industry, like many others, are seeing rapid change brought on by the “digital transformation.” Data analytics, artificial intelligence and blockchain are just a few of the major players causing organizations to rethink and adapt their business strategies and operations. These changes can seem daunting or risky, but are necessary to innovate and grow.
Adapt with Your Client’s Expectations
A major consumer-mindset shift has been on the horizon for several years now but as more and more millennials begin making and investing their money, the future is fast approaching. Don’t shy away from making business changes needed to retain loyalty and make sure you take action to secure their data and assets to maintain their trust.
Evaluate Operational Efficiencies
Many chief operating officers (COO) will be challenged to restructure operational models in order to find more ways to push the fiscal limits, while growing efficiency and limiting risks. This will require firms to take an agile stance on the way they do business throughout 2018.
Take on 2018 With Confidence
2018 is just starting and your organization can either find fast growth or fast failure if the risks and threats emerging from these industry changes are not planned and prepared for. While many organizations just rely on the outputs of their crisis management, disaster recovery or emergency response plans, in order to truly prepare for any threat and minimize damages, a comprehensive business continuity plan should be enacted to ensure the profitability of your business and client assets remain strong. Approach 2018 with confidence with the help of a comprehensive business continuity planning software.
Want more insight into what the financial service industry is facing in 2018? Check out our free whitepaper: “Rising Trends & Threats: 2018 Financial Services Outlook.”
Written by Assurance Software
Assurance Software takes your company’s enterprise-wide business continuity and resiliency program to the next level. With Assurance as your go-to partner for continuity and resilience, you can confidently mitigate risk, manage recovery, and safeguard your employees, customers, operations and brands.