The insurance and banking sector lies at the heart of the global economy and plays an essential role in financial stability and economic development worldwide. However, it faces a multitude of challenges that require constant attention and innovative strategies: security (particularly of data and transactions), corporate social responsibility and customer relationship management, among others. In this context, it is essential to understand how these institutions are adapting and evolving to meet growing consumer expectations and regulatory requirements, while ensuring their own viability and growth.
1. Changing consumer expectations in the sector
Over recent decades, the arrival of new technologies has changed consumers’ expectations of banks and insurers on a number of points. Security, customer service, sustainability and transparency have become essential. For example, around 83% of customers cite security as their main concern when dealing with financial services. Similarly, 69% of consumers consider transparency about policies and fees to be essential when choosing their bank or insurer. In other words, the insurance and banking sector is on the move and must adapt to meet consumers’ new expectations.
2. Sustainability and social responsibility in banking and insurance
Just as expectations have changed, sustainability and corporate social responsibility have become key issues for banking and insurance companies. Companies are increasingly aware of their environmental, social and economic impact. That is why socially responsible investment (SRI) and the management of environmental and social risks are becoming priorities for the banking and insurance sector. Security in terms of corporate social responsibility (CSR) commitments has become essential, all the more so as it becomes clear that these aspects are not just trends. They also represent the future when it comes to attracting customers who care increasingly about the ethical and environmental values of their banks and insurers.
3. Customer relationships and ongoing employee training
Ongoing employee training is valuable for banking and insurance companies, particularly in security and customer service. This training is essential because, according to the FBF (the French Banking Federation), manual data entry errors accounted for 20% of incidents in French banks in 2021. Training employees therefore strengthens security and reduces errors that can sometimes be extremely costly. Another important area of training is awareness. With changing technologies, new fraud techniques have emerged, and companies that neglect their IT security run a major risk, not only for themselves but also for their customers. Likewise, security at physical sites should not be overlooked. According to the French Ministry of the Interior, there were 416 bank and insurance robberies in France in 2023, a 12% increase compared with 2022. This is why the banking and insurance sector must continually train its employees to ensure the security of its sites. Finally, customer experience training is also a challenge in this field, as customers want to feel closer to their banks and insurers, particularly when it comes to security.
4. Strengthening cyber security protocols
According to the BIF Observatory, the number of cyber attacks against banks and insurers rose by 30% between 2022 and 2023, which is reason enough to want to strengthen security. Several measures have been put in place to counter these attacks (network segmentation, stronger authentication and IT access authorisation, continuous monitoring and threat watch, etc.). Yet today cyber attacks are increasing and security is weakening. Faced with these 2.0 threats, the banking and insurance sector must adapt and put strategies in place to minimise the impact of these attacks and ensure business continuity. Measures against cyber threats are therefore essential to protect a bank or an insurance company. They can bring many benefits to these institutions, notably by reducing the risk of attacks and of consumer data leaks.
5. Physical security of facilities
At the same time, physical attacks are also increasing, and security in banks and insurance companies can no longer be taken for granted. So how can a bank or insurer be protected? First, through prevention (visitor pre-registration, staff training, etc.). Then through deterrence (liaison with law enforcement, awareness-raising, etc.), with a security system (intrusion detection, visitor management, etc.) and with comprehensive post-incident management (preservation of evidence, detailed incident reports, etc.). For a bank or insurer, these measures are essential for protection against physical attacks. They can bring many benefits to these institutions, particularly a lower risk of attacks and financial losses, and the protection of employees and customers.
How can security be strengthened in banking and insurance?
We have developed comprehensive, effective all-in-one software to secure sensitive or high-risk sites such as banks and insurance companies. Hamilton Visitor SSR software is built around three key features: visitor access approval workflows, integration with the access control system, and security vetting management. Hamilton Visitor SSR includes a range of features, namely complete visitor management, integration with third-party IT environments, approval of access authorisations and real-time tracking of visits. Hamilton Visitor SSR handles visitor management at the entrance to bank and insurance buildings from start to finish!