The digital age has forever changed the way financial institutions operate. No longer are customer interactions limited to in-person visits or phone calls. Now, customers expect to be able to conduct business on their terms, whether opening an account online, transferring funds through a mobile app, or getting answers to their questions through a chatbot.
To meet these demands, financial institutions must have the infrastructure to support digital capabilities at scale. But as financial institutions digitize their operations and move more of their data and applications online, they become increasingly vulnerable to cyberattacks. 57% of banking and financial services organizations say they’ve experienced a significant increase in cyber incidents over the past 12 months alone. So how can financial institutions meet the changing needs of their customers while also protecting themselves from the growing threat of cybercrime? The answer lies in building a solid foundation for growth with a secure, scalable IT infrastructure.
Digital certificates are the backbone of a secure, scalable IT infrastructure. They provide cryptographic keys that enable secure communications and data exchange between devices, applications, and people. By binding a public key with an individual’s or organization’s identity, digital certificates create a trusted connection that can be used to verify the authenticity of a website, encrypt data, and sign digital transactions. Financial institutions use digital certificates, like the X.509 certificate management solutions, for various purposes, including securing email communications, authenticating online banking transactions, and signing and encrypting sensitive documents.
Financial institutions commonly use one type of digital certificate, an X.509 certificate. X.509 certificates are issued by a certificate authority (CA), a trusted third-party organization that verifies the certificate holder’s identity before issuing the certificate. Once issued, an X.509 certificate remains valid for a specific period of time, typically one or two years. Financial institutions must regularly renew their X.509 certificates to maintain a strong security posture.
The Benefits of Scaling Your Financial Institution Securely In The Digital Age
Building a secure, scalable IT infrastructure has numerous benefits for financial institutions, including:
Increased Customer Acquisition and Retention Rates
In the digital age, customers have high expectations for the level of service they receive from their financial institution. If your institution doesn’t offer digital capabilities—or if those capabilities are slow, unreliable, or difficult to use—you’re likely to lose customers to the competition. On the other hand, if you do have a solid digital presence, you’re much more likely to attract new customers and retain existing ones.
Improved Customer Satisfaction Levels
Not only do customers expect their financial institution to have a robust digital offering, but they also expect that offering to be convenient and easy to use. If your institution’s website or mobile app is constantly crashing or if your chatbot isn’t able to answer basic questions satisfactorily, your customers will quickly become frustrated. But if you can provide them with a seamless digital experience that meets all their needs, they’ll likely remain loyal to your brand.
Reduced IT Costs
A secure, scalable IT infrastructure will help you avoid many common (and costly) mistakes that organizations make as they grow—including overprovisioning resources, underutilizing capacity, and maintaining siloes within departments. By having a foundation in place that can accommodate future growth without requiring significant additional investment, you’ll reduce your overall IT costs and free up your budget for other priorities.
Scaling Your Business In The Future
As your financial institution grows, you will need to scale your IT infrastructure accordingly. But with a strong foundation in place, you’ll be able to do so without compromising security or incurring high costs. So if you’re looking to future-proof your business, invest in a secure, scalable IT infrastructure today.
No question scaling your financial institution in the digital age comes with challenges—but it also comes with numerous benefits. Perhaps most importantly, it allows you to meet the changing needs of your customers while also protecting yourself from cybersecurity threats. So if you’re looking to future-proof your organization against an ever-changing landscape, investing in a secure, scalable IT infrastructure with X.509 certificate management solutions should be at the top of your list.