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Banking IT Security, Client Management Issues Highlighted in Verizon-Hosted Panel Discussion

Banking IT Security, Client Management Issues Highlighted in Verizon-Hosted Panel Discussion - top government contractors - best government contracting event
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VerizonLogo1 EbizA panel of financial industry experts gathered at a Verizon-sponsored event Tuesday in New York to discuss technology and customer relationship issues facing retail banking and wealth management companies.

Verizon said Wednesday that Niti Badarinath, head of mobile and money movement at US Bank, and Chandan Sharma, global managing director of financial services at Verizon, agreed the industry needs to communicate in their clients’ language to create a positive experience for customers.

On the technology front, Sharma forecasts that SMAC (social, mobile, analytics and cloud) architecture will be a core element of banking information technology.

Bryan Sartin, director of RISK at Verizon, said financial institutions must work to address weaknesses in their enterprise security models.

“The average time to discover that you’ve been breached is seven months,” Sartin told the forum audience.

“Incident detection has to change so that victims recognize attacks even before the point of entry,” he added.

Mike Versace, global research director at IDC Financial Insights, said it is important for industry to understand codes of conduct and privacy rules in the global wealth management space.

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Written by Mary-Louise Hoffman

is a writer of news summaries about executive-level business activity in the government contracting sector. Her reports for ExecutiveBiz are focused on trends and events that drive the GovCon industry to include commercial technologies that private companies are developing for federal government use. She contributes news content to ExecutiveBiz’s sister sites GovCon Wire and ExecutiveGov.

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