Trust is the foundation of the relationship between financial service institutions (FSIs) and their customers—and with each other. FSIs’ ability to prevent sensitive data from falling into the wrong hands is a cornerstone of this trust. Globally, governments have responded with a variety of regulatory frameworks obligating FSIs to protect customer data with severe sanctions imposed on firms that fail to do so. Failure to properly safeguard data can have profound and lasting impact on a company’s reputation and their business.
To make matters more complex, software has become a central component of FSIs’ business and will continue to increase in importance. However, strict regulatory and compliance requirements govern the way FSIs build their software, from the processes they follow to tools they use. These requirements are often prohibitive enough to compromise performance and stifle innovation.