Technological advancements have changed the face of most industries. For example, digitization has entirely conquered the banking sector. Transactions that demanded long waiting hours are now being undertaken in a matter of a few clicks. The pandemic further accelerated this shift to digitization. With social distancing and similar measures to reduce virus spread, contactless payments became the preferred option.
Many financial institutions were left with no choice but to implement digital solutions at the fastest pace possible. Increased peer-to-peer transactions, greater demand for digital facilities and more employees working from home meant more banks upscaling the digital platform. While these implementations made the banking sector a lot more flexible, another major challenge waiting to be discovered was- creating a system that ensures security and guarantees data protection.
Table of Contents
- Advantages of digitization in the banking sector
- Some challenges faced by banking sector due to digitization
- Building a secure financial environment with Hexnode
- App management
- Content management and containerization
- Security features
- Kiosk lockdown
- Featured resource
- Let’s listen to some stories
- The story of Corporate Tax Incentives (CTI)
- The story of DigitalMint
Advantages of digitization in the banking sector
Digitization has helped the banking sector to a great extent. It has now become possible to access our bank data and even send and receive money between accounts from the comfort of our homes. An endeavor we could hardly imagine a decade ago!
Digitization has influenced the banking sector in a lot of ways. Some of its advantages include:
- Increased customer base in the banking sector.
- Enhanced efficiency with electronic signatures, faster transactions and smartphone-based banking.
- A shift towards a user-friendly experience makes it possible to perform important tasks in a few clicks.
- Data-driven decision-making helps you make decisions that are more likely to be accurate.
- Cost-efficiency with easier cashless transactions eliminates much of the intermediary fees.
- Easier disaster recovery as digital copies ensure that information remains retrievable, unlike paper records.
Some challenges faced by banking sector due to digitization
We have all heard the infamous quote that goes, “I robbed the bank because that’s where the money is.” And this points out why we need to secure the banking sector. With changing times, criminals have begun resorting to cybercrimes. According to the covid crime index 2021 report by BAE systems,
Over 74% of financial institutions have seen a rise in cybercrimes since the onset of the pandemic. Consumers expect the institutions to safeguard their assets and data from phishing, hacking and other threats.
Let’s have a look at some of the challenges faced by the banking sector.
- Lacks an effective mechanism to manage devices from a unified console and track whether the device is online or offline.
- Remote app installation, pushing updates and managing them can be difficult.
- It’s often difficult to draw meaningful insights from data owing to the massive amount of data that enterprises generate.
- Ensuring a customer-friendly environment without compromising security.
Building a secure financial environment with Hexnode
We all know how critical the banking sector is. Dealing with money often requires a framework that is secure and flexible at the same time. Sounds a bit tricky, isn’t it? But with Hexnode, you can make the whole process a lot easier. Well, let’s dive right in!
App management
With the shift in the banking sector towards digitization, apps have begun to play a vital role in simplifying the transaction process and keeping track of their finances. With more and more mobile banking apps emerging, it has become necessary to ensure that they are secure and shielded from vulnerabilities effectively.
With Hexnode’s secure app inventory, you don’t have to worry about app security anymore. You can easily manage and deploy a wide range of applications remotely from the Hexnode console. With Hexnode’s integration with the Volume purchase program (VPP), zero-touch app deployment has become a reality. Further, it also allows enterprises to deploy and install applications without user involvement on supported devices. You can also get information on all your applications, installation, uninstallation and updates from the Hexnode console. Not just that, with app blacklisting and whitelisting, in-app configurations and permissions, you have every aspect covered.
Hassle free app management with Android Enterprise & Hexnode
Content management and containerization
File management is one of the areas that need closer attention in enterprises. Managing the employee files along with the corporate files is inevitable for their effective functioning. Managing files effectively and separating the work files from personal data can prove to be a lifesaver. With Hexnode, you have got that covered!
With Hexnode’s file management, you can efficiently distribute content securely to the enrolled Android devices. With the BYOD trend, we have corporate data and personal data on the same device, creating a need for effective mechanisms to safeguard the data. Containerization is one such feature that guarantees data security.
By enrolling a device in the Android Enterprise profile owner mode, a separate work profile is created away from the personal workspace. This makes it easier to manage work data and even set policies to deactivate it once the device becomes non-compliant. In iOS, you can setup a business container to meet these purposes. It forms a discrete partition between corporate and personal content controlling the data flow between managed and unmanaged accounts.
Security features
We all know how vital security is in the banking sector. With cyberattacks and similar crimes targeting the banking sector on the rise, incorporating strict security measures in every aspect of banking has become more of a necessity than an option. With these measures, we ensure the security of our data to a great extent.
Some basic security features
When we talk about security, the first and foremost aspect that comes to our mind is the password. We have all heard about instances of device compromises due to weak passwords. With Hexnode, you can enforce strong password policies on devices to prevent chances of compromise. Further, you can also remotely push security measures like encryption, VPN and Wi-Fi policies to safeguard yourself from external threats.
Lost mode
Hexnode’s lost mode is a security feature aimed at safeguarding your data in case you lose your devices containing corporate data. To find your lost device, you need to have Hexnode MDM installed in it and have access to Mobile Data or Wi-fi. Once the device is locked in the lost mode, you can only exit using the pre-configured exit password, thus preventing all instances of third-party access.
Find my device
With the shift to BYOD, it has become necessary to implement robust security measures to ensure data security even if the device gets lost or stolen. There are some inbuilt remote tracking features that make tracking your lost device a no-brainer. Find my device is available in Android, iOS, macOS and Windows devices. The mode of operation is almost similar; here, with the feature enabled, you can locate your device by logging into your Google, iCloud, or Microsoft account. Further, you can also perform actions like a remote lock and remote wipe.
With Hexnode, the process is even easier. Now, in addition to finding your device with Location tracking, you can also lock or wipe your lost device in a single click by navigating to actions under your respective device.
Track your lost device and prevent a data breach with Hexnode MDM
Location tracking
Location tracking in Hexnode comes in handy when organizations need to find their lost or misplaced devices or keep track of the location traversed by the device. With this, you can keep accurate logs of the device’s location history, making it easier to find the device once you misplace it.
Geofencing
Geofencing is a location-based service in Hexnode that makes it possible for you to create a virtual fence around a region of your choice. This makes it easier for the administrators to associate or disassociate policies with devices based on whether they are inside or outside the created geofence. You can easily create a compliance-based alert system or make specific corporate resources or device configurations accessible only when the device is within the set boundary. This helps eliminate device misuse to a great extent.
Kiosk lockdown
Sometimes the best way to ensure security is by blocking all potential sources of vulnerabilities. This is easily done by allowing access to only the application or the set of applications that are trusted and also necessary to carry out the required functions.
Hexnode makes it easier to lock your devices to the set of applications that your organization trusts. With app-based and browser lockdowns, you have the flexibility to choose whether you need to lock your device to a few applications or a few websites. With Hexnode’s Kiosk browser, you can safely browse while the device is locked in kiosk mode. This further gives the organization an option to give users access to specific websites whitelisted by them.
Understand the full capabilities of Hexnode’s Kiosk browser for your organization and implement cutting-edge web browsing features with top-notch security.
Featured resource
Hexnode Kiosk Browser
Let’s listen to some stories
The story of Corporate Tax Incentives (CTI)
Corporate Tax Incentives (CTI) is a consultancy firm specializing in providing direct financial savings to businesses. Headquartered in Rancho Cordova, California, they have been offering services for over 18 years and have assisted businesses to secure hundreds of millions of dollars via financial and tax benefits.
With the motto of helping employees carry out corporate tasks smoothly, CTI deployed iPhones to employees. All these devices were company-owned and managed by the IT manager. A lot of challenges came up while managing the devices manually, including instances of employees locking devices to hide potentially damaging device activities and a lot more. To mitigate these, they began their quest for an MDM solution. Read the complete story here.
With Hexnode they could:
- Effectively carry out inventory management and application deployment. Further, they could also enforce basic management abilities like password compliance.
- Ensuring that access is restricted to authorized users alone.
- Easier app deployment options that allow pushing applications to devices quickly.
- Reduced instances of device misuse.
The story of DigitalMint
DIgitalMint is a cryptocurrency provider that lets you purchase Bitcoins instantly using cash, credit or debit card through their physical kiosks, teller windows and bank transfer services. Headquartered in Chicago, Illinois, they provide cryptocurrency transactions at multiple locations across the United States.
DigitalMint makes use of iPads as point-of-sale devices to distribute cryptocurrency among consumers. However, as these POS (Point of sale) counters are often located in common areas where anybody can reach out and purchase, their security and implementation became a subject of concern. To solve this concern, they began looking for an MDM solution. Read the complete story here.
With Hexnode, they could:
- Ensure security for POS with their kiosk lockdown solution.
- Easy to lock down iPads to specific applications ensuring that they aren’t misused.
- Lock down devices into a single or multiple application.
- Selectively manipulate device settings based on the requirement.
- Distribution of applications in bulk across devices.
- Setting up app catalogs as a custom app store to distribute apps to the targeted users.
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