"Cybersecurity Emerges as a Key Competitive Advantage for Banks"

"Importance of Data Protection with Expansion of Digital Transactions"
This Year's Bank Digital Trends Focus on Mobile and Customer Personalization

[Asia Economy Reporter Hyunji Kwon] In the financial sector, which is accelerating digital transformation, cyber security is emerging as a key competitive advantage, according to an analysis.

Hana Financial Management Research Institute stated in a report released on the 13th, "Domestic financial companies must maintain continuous interest in developing and investing in advanced security technologies utilizing artificial intelligence (AI) and machine learning." This is because as digital financial transactions expand, it has become increasingly important to securely protect customer data from cyber threats.

Among global banks, awareness of cyber security is also growing. These bank leaders identified cyber security (96%) as the top priority for digital transformation over the next 3 to 5 years. Mobile experience (91%), mobile channels (87%), and data analytics (83%) followed. Interest in the Internet of Things (38%), blockchain (27%), and virtual and augmented reality/metaverse (25%) was relatively lower.

There is also an analysis that the "mobile-first" approach will be further strengthened in the digital transformation process of banks this year. As mobile users increase, banks are expected to focus on developing services and products optimized for mobile. Customer convenience is also expected to expand. Various services such as search, shopping, and leisure can be accessed through a single bank application (app), and personalized information provision is expected to become more active.

Jang Hyewon, a research fellow at Hana Financial Management Research Institute, analyzed, "Although banks have achieved considerable results in the digital transformation process, the maturity levels vary among financial institutions," and emphasized, "Competition in areas where traditional banks have strengths, such as corporate loans, has recently intensified, so it is necessary to accelerate digital transformation efforts."