Enterprise Video Management for Financial Institutions: A Critical Infrastructure Need
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As a business in the financial sector, your company faces an extra level of urgency when it comes to protecting your data.
Simply looking at the numbers reveals how valuable financial firms’ data is — and how important it is to protect that content. IBM found that the average cost of a data breach is $4.88 million for all firms and $6.08 million in finance, a difference of 22%.
Due to this elevated cost of data breach, combined with the need to maintain strict regulatory compliance, there’s no room for carelessness with the way your firm handles its data. Yet your employees still need easy ways to access and use content.
This is where the right storage solutions — like an enterprise video platform for your media — can have an impact.
Rising Compliance Costs and Reputational Damage From Data Mishandling
Holding personally identifiable information and taking responsibility for clients’ money is all part of the job for financial institutions; this has made the industry a target of opportunity for cyber attacks. Methods like phishing, ransomware, SQL injection, distributed denial of service (DDoS), and supply chain attacks are all in play, according to industry research.
The costs of protecting financial institutions’ resources are especially high because your firm doesn’t just need to establish powerful frontline defenses. It also needs a way to detect the extent of any compromise that does occur. There is also the potential to lose a significant amount of revenue during downtime, when the institution is unable to provide digital services to clients.
On top of the direct costs and losses associated with cybersecurity incidents, reputation damage adds an extra, ongoing type of expense. Negative news can spread quickly via social media, damaging your business’s reputation as a responsible steward. In an industry where customer trust equals business relationships, a damaged reputation can lead directly to customer attrition and a loss of value that far exceeds the immediate cost of the attack.
Recent High-Profile Incidents Highlighting Content Management Failures
The threat of data loss affecting financial services firms isn’t just a hypothetical risk — incidents of this type are really happening, and organizations are paying a hefty price.
Peruse a list of recent data breaches, and you’ll find multiple financial companies in the crosshairs:
- Evolve Bank, based in Arkansas, had its servers infiltrated by cybercriminals who gained access to sensitive customer information.
- Prudential Financial lost employee and contractor data — though the company explained that no customer information was affected.
- Finastra, a financial services tech provider, suffered a breach to its file transfer platform, raising questions about the data transferred through the utility.
These breaches cover a variety of companies and different kinds of data, and they are frequently discovered and disclosed after a significant amount of time has elapsed. This shows the need for real-time monitoring and automated security protocols to take quicker and more decisive action, along with a more general demand for more secure content management and file handling approaches.
Regulatory Framework Evolution Brings New Compliance Requirements
Regulatory noncompliance fines can accompany the direct losses associated with data breaches in the financial sector. If regulators find your organization’s security issues stem from a failure to meet updated security standards, the fines can add up quickly.
Violations of the General Data Protection Regulation (GDPR) are a frequent cause of these fines. Companies’ failures to secure information affecting EU customers have cumulatively cost them €5.88 billion, with the largest single fine affecting Meta and costing €1.2 billion.
New, pending rules such as the EU AI Act will bring additional standards for companies to meet. Administrative fines for violations of this new act can bring fines of €35 million or 7% of worldwide turnover.
Stamping out the types of administrative oversights that can lead to violations and penalties is an absolute must. This means ensuring you have adequate documentation, strong record-keeping, effective audit trails and more. Your choice of platform to store, manage and share content internally has a massive impact on these issues.
Meeting Modern Workforce and Client Expectations Through Strategic Content Management
When faced with all these security challenges, as well as the pressure to deliver content in user-friendly ways that meet modern expectations, what can your financial institution do? You can revamp your approach to content management, delivering an experience that balances security with accessibility.
This approach helps your business deal with multiple demands at once. Here’s how it works:
Content Management Challenges in Multi-Generational Workforces
Security controls can’t get in the way of user experience expectations. Data protection measures that make systems inconvenient may encourage people to use unapproved applications or could negatively impact their productivity.
Your internal users are simply accustomed to accessing the content they want when they want it. Years of dealing with convenient consumer-grade applications have set a high bar for data visibility and access.
These expectations affect the way your employees create, share and collaborate on video content. If it’s that easy to edit video content on TikTok, Instagram or other consumer apps, why should it be difficult in a professional setting?
Enterprise video content management platforms meet this expectation for ease while also delivering the enterprise-grade security needed to keep up with regulations and minimize risk. The best of these solutions support collaborative work styles and provide intuitive interfaces while delivering a compliant, secure back-end.
Emerging Media Expectations and Client Experience Requirements
As with employees, financial services clients now expect a higher level of ease and user-friendliness in their digital experiences and interactions. This extends to the visual media your firm uses to communicate with its audience.
Professional video content is a competitive differentiator. Well-produced videos provide an intuitive and compelling way to describe and explain complex financial products, services and concepts. Financial institutions need platforms that can enable the production and delivery of this content in a personalized way.
To meet today’s expectations, the same platforms that provide user-friendly interfaces for content creators and industry-standard data security must also enable the production and distribution of high-quality videos.
Integration Challenges and Operational Considerations
When integrating new content management platforms, your firm must take care not to encounter the problems that come with traditional approaches. Most prominently, these include silos between media types, with strategies becoming fragmented — and even potential compliance gaps springing up between departments.
The primary way to avoid these difficulties is to integrate your content management platform with your existing compliance, risk management and audit systems. With this accomplished, you can ensure comprehensive governance for all your content.
Modern enterprise solutions enable this connectivity through methods including APIs, ensuring new systems and existing infrastructure integrate seamlessly. The end result is improved collaboration, enhanced client communications and streamlined internal processes.
Due to these platforms’ ability to reduce compliance costs, increase operational efficiency and improve client satisfaction, it’s easy to justify the tech investment.
Don’t Let Your Institution Become the Next Headline: Take Action Now
In an industry dominated by demanding security requirements on one hand and content performance on the other, enhancing your approach to video content management is an urgent priority.
It’s up to you to assess your current content management capabilities, evaluate your compliance standing and consider what your employees and clients expect of you. From there, it’s time to build impressive new capabilities.
