Technology is a powerful tool that when integrated properly can maximize member engagement. It should be seamlessly integrated into the structural environment in a multifunctional way so that it offers a means of entertaining, communicating, connecting, educating and transforming. We believe in an artful, strategic blend of technology and architecture. It should be branded, strategic and engaging. And the integration of the right technological platforms should be traceable back to the market and member research. Weaving in the right digital platforms will increase engagement and enhance the member experience. Digital content within a space can influence user behavior and also be a resource for your members to interact with your brand. Whether a member is logging in to your mobile app from miles and miles away or while entering the space and viewing a display with the latest events in the branch, that digital content experience should be reflected across all delivery platforms at your credit union.
Many institutions operate at a breakneck pace to implement new, or “transform” existing, technologies to increase their member’s ability to interface with the various products and services available to them. Though the member experience is of paramount concern, the organization must be careful to not deprioritize (or in some cases ignore) security and privacy considerations that could adversely impact member data and the institution’s brand.
So how should a Credit Union think about security during a digital, branch, or network transformation? We suggest you pose the following 5 questions to the project leads and answer them as honestly as possible:
Is the Credit Union aware of the security risks of this transformation/project?
Are we confident that we can identify the security risks?
If we identify security risks, do we have the knowledge/ability to adequately resolve?
If a security or privacy issue occurred, as a result of this transformation, do we have a mitigation plan in place?
If a security or privacy issue occurred, as a result of this transformation, would it damage our brand?
If you find yourself unable to answer the above questions we’d be happy to help. Lares® has extensive experience assessing and advising on the security aspects of digital transformation projects at Credit Unions and global financial institutions. Contact us today to learn how we can help you quickly answer the above questions before your members ask them.
Andrew Hay is the COO at Lares and is a veteran cybersecurity executive, strategist, industry analyst, data scientist, threat and vulnerability researcher, and international public speaker with close to 25 years of cybersecurity experience across multiple domains. He prides himself on his ability to execute the security strategy of the company with which he works without neglecting business objectives and the needs of its customers. Andrew is the author of multiple books on advanced security topics and is frequently approached to provide expert commentary on industry developments. He has been featured in publications such as Forbes, Bloomberg, Wired, USA Today, and CSO Magazine.