Bear Systems is building on its next generation cybersecurity platform to provide a range of SIMPLE (Secure Integrated ML Platform Leveraging Expertise) solutions for the world’s most pressing needs. This blog entry is one of a series of introductions showing how Bear can provide a SIMPLE solution for specific vertical challenges.
Banking is a highly complex area that covers numerous areas such as mobile banking, increasing customer demands, and regulatory concerns. The scope of banking is vast, and the technology used to address these needs is often referred to as FinTech. The scope of challenges is large enough that I will break down the main challenges through a series of blog posts.
In this post, I want to focus in on one of the main challenges which is compliance and regulatory concerns. These regulations are really focused on protecting consumers from bad practices that will wipe out bank accounts, for example the real estate fiasco in 2008, as well as to protect our information from being used and/or revealed to unwanted parties.
Within the overall financial sector, in fact, cybersecurity theft is one of the top concerns across all banks and governments are constantly changing the rules in order to find a solution. While customers might approve of this effort – after all we all assume that major corporations do not care about us unless required to do so – the results often cost us more than we think.
The reason for these costs is that all changes have to be made manually and often those changes are being made across large numbers of highly complex systems. Not only do those changes need to be made in Production systems, they must first be made in a testing environment, reflected in backup systems, and thoroughly vetted before coming close to our accounts.
All of this costs time and money and results in more and more fees, lowered interest rates, and other insidious methods of compensating banks at our expense. The overall reality that regulations will never keep up with the need for effective cybersecurity is a topic for a separate blog post.
SIMPLE Banking is a dynamic new platform that invisibly layers into each device across all systems in a banking system. The SIMPLE agents can change and adapt continuously with no unwanted disruption and, pertinent to this discussion, all behavior is controlled through policies. Instead of a large number of highly manual interventions, SIMPLE Banking enables the rapid changing of behaviors to meet complex compliance needs instantaneously. SIMPLE Banking works through a series of autonomous Local Systems that can enforce a series of Bank, Country, Regional, and Local regulations at the point of each device.
In terms of devices, SIMPLE Banking provides powerful controls for customers to completely lock down their privacy and their transactions. SIMPLE Banking removes current restrictions in terms of mobility and truly embraces the advanced future of mobility.
SIMPLE Banking also provides a large number of Robotic Process Automation (RPA) capabilities and a sophisticated workflow system. These features allow SIMPLE Banking to capture complex domain expertise, deep levels of auditing knowledge and/or financial insights and reuse those learnings across a large number of applicable instances. For example, the ability to rapidly reconcile accounting with bank accounts is currently a highly manual process and yet the actual work is redundant. Through SIMPLE Banking, machine-learning processes can leverage Domain Expert Profiles to automate this process. The ability to provide this level of service to customers would be a powerful method to retain customer loyalty.
There is obviously more, much more, to our SIMPLE Banking solution and, if you are interested, please contact us to learn more!