The insurance and banking sector is at the heart of the global economy, playing an essential role in financial stability and economic development worldwide. However, it faces a multitude of challenges that require constant attention and innovative strategies. These include data and transaction security, corporate social responsibility and customer relationship management. 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 the last few decades, the advent of new technologies has led to an evolution in consumer expectations on a number of fronts for banks and insurance companies. Security, customer service, sustainability and transparency have become key issues. For example, some 83% of customers cite security as their main concern when interacting with financial services. Similarly, 69% of consumers consider transparency of policies and fees to be essential when choosing their banks or insurers. In short, the insurance and banking sector is on the move, and must adapt to meet new consumer expectations.

2. Sustainability and social responsibility in banking and insurance

In the same way that expectations have changed, sustainability and social responsibility have become key issues for companies in the banking and insurance sectors. Indeed, companies are increasingly aware of their environmental, social and economic impact. This is why socially responsible investment (SRI) and environmental and social risk management are becoming priorities for the banking and insurance sectors. Security in terms of corporate social responsibility (CSR) has become essential. Especially as we realize that these aspects are not just trends. They also represent the future for attracting customers who are increasingly concerned about the ethical and environmental values of their banks and insurance companies.

3. Customer relations and employee training

Ongoing employee training is invaluable for companies in the banking and insurance sectors, particularly when it comes to security and customer service. According to the FBF, manual input errors will account for 20% of incidents in French banks by 2021. Training employees therefore means strengthening security and reducing the number of errors, which can be extremely costly. Another important area for training is awareness-raising. With the evolution of technology, new fraud techniques have appeared, and companies that neglect their IT security run a big risk, not only for themselves, but also for their customers. Similarly, security on physical sites is not negligible. According to the French Ministry of the Interior, there were 416 bank and insurance robberies in France in 2023, a 12% increase on 2022. For this reason, the banking/insurance sector must continually train its employees to ensure the security of its sites. Finally, training in customer experience is also a key issue in this field, as customers want to be closer to their banks or insurance companies, particularly when it comes to security.

4. Strengthening cyber security protocols

According to the BIF Observatory, the number of cyber-attacks on banks and insurance companies will increase by 30% between 2022 and 2023. All the more reason to strengthen security. Several measures have been implemented to counter these attacks (network segmentation, reinforced authentication and computer access authorization, supervision and continuous monitoring, etc.). But today, cyber attacks are on the increase, and security is weakening. Faced with these 2.0 threats, the banking/insurance sector needs to adapt and implement strategies to minimize the impact of these attacks and ensure business continuity. Measures against cyber threats are essential to protect your bank or insurance company. They can bring many benefits to these institutions, not least by reducing the risk of attacks and leaks of consumer data.

5. Physical security of installations

On the other hand, physical attacks are also on the increase, and bank and insurance security is no longer promised. So how do you protect your bank or insurance company? Firstly, by prevention (pre-registration of visitors, staff training, etc.). Secondly, by deterrence (liaison with law enforcement agencies, awareness-raising...), with a security system (anti-intrusion, visitor management...) and with comprehensive post-attack management (preservation of evidence, detailed incident reports...). For a bank or insurance company, these measures are essential to protect against physical attacks. They can bring many benefits to these institutions, particularly in terms of reducing the risk of attack and financial loss, and protecting employees and customers.

H2 - How can we strengthen security in the banking and insurance sector?

We have developed an all-in-one, comprehensive and effective software solution for securing sensitive or high-risk sites such as banks and insurance companies. Hamilton Visitor SRR software is built around 3 key functionalities: visitor access validation workflows; interface with the access control system; and management of security surveys. Hamilton Visitor SRR is composed of different functionalities, including complete visitor management, interface with third-party IT environments, access authorization validation and real-time visit tracking. Hamilton Visitor SRR takes care of visitor management at bank and insurance entrances from A to Z!