I recently took the reins as Chief Technology Officer at Fiserv, the world's leading payments and financial technology provider. In this new role I am drawing on over 20 years of experience in cybersecurity, IT and FinTech to navigate today’s rapidly transforming business technology landscape and chart the best course for tomorrow.
I will continue to share my insights and analysis on this blog, addressing critical developments in cybersecurity and data protection while also expanding coverage to include the broader issues and challenges that CTOs and other business technology leaders face today.
To begin this new chapter in the conversation, here are a few important points this industry will be focusing on moving forward.
Security Remains Paramount - A CTO must look at the big picture and develop an overarching technology vision and strategy, and integrating security at every level is an essential part of that. Financial services are a prime target for cybercrime, and, as our technological systems grow increasingly complex, failure to maintain comprehensive protections can result in the accrual of significant “cybersecurity debt.” Safeguards must extend from incorporating the latest innovations, such as confidential computing, to maintaining physical security and understanding the role of employees in protecting valuable assets.
The Cloud Is Key - Regulatory compliance and security concerns have slowed traditional financial institutions’ adoption of cloud computing, but innovative cloud technology is becoming an increasingly valuable and vital tool in FinTech. It’s important to avoid a “Frankencloud” model—last year’s SolarWinds cyber attack showed how catastrophic that can be—but a strategic hybrid cloud approach can unify networks, minimize cybersecurity debt, supercharge efficiency, and allow for unprecedented flexibility and future transformation.
AI and Other Innovations - Coupled with the speed and flexibility of the cloud, artificial intelligence, machine learning and other forms of automation are unlocking a host of new possibilities in FinTech. With traditional know your customer (KYC) verification technology quickly becoming antiquated, advanced AI such as biometric scanning is a valuable new tool for preventing identity fraud in digital finance. Contact Center as a Service (CCaaS) is also catching on by using the cloud to connect a scalable remote agent workforce, automation to streamline workflows, and AI-powered virtual assistants to personalize and enhance both the agent and customer experience. Other advanced tools are helping utilities bolster their defenses against increasingly frequent attacks on critical infrastructure.
Much more lies ahead, from the next-generation SCION Internet architecture, which will provide more stability than the current outdated Border Gateway Protocol (BGP), to debates about the ethics of algorithms and how to bridge the broadband divide. I look forward to discussing these and other critical technology issues here in the future.
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