Data volumes are growing year over year in nearly every industry, and banking and financial services are no exception. At the same time, these organizations are making a massive switch to remote work, a trend initially brought on by the COVID-19 pandemic. This increase in the number of remote workers at financial institutions – coupled with stay-at-home mandates many banking customers are facing from their own employers – brings forth a change in digital transformation investment areas across the industry as a whole. With their employees and customers both at home, banks and financial services firms are increasing their use of digital channels to better reach customers. Cybersecurity is also a top concern for financial institutions, especially as the pandemic has led to a wave of new methods designed to defraud and attack.
Given the increased use of digital channels to deepen relationships with their customers, banking and financial services organizations will not only need a way to manage the continuing growth rate of data, but they will also require analytics to better understand the behavior of those applications and data. Concurrently, they will need tools to better combat cybercrime and streamline security breach investigations.