BFSI is experiencing a transformational era that supports online operations more than ever. But one thing that the sector cannot stop putting effort and focus on is security. BFSI involves a lot of sensitive information including finance, personal identity information, bank account details, card details, etc, it needs to ensure security at all times. Kiosk Lockdown is one such technology that not only ensures security, but it also ensures smoother operations and improved customer service.
Scalefusion MDM’s kiosk lockdown capability provides extensive kiosk management features to BFSI and provides much-needed security, which is of prime importance for the BFSI sector. In this article, let us explore how Scalefusion MDM’s kiosk lockdown capability benefits the BFSI sector.
Kiosks in Banking
Earlier, kiosks were deployed in BFSI to provide touch-points for basic financial services. They were also deployed in rural regions wherever it was not feasible to open branches. Kiosks quickly became a popular way for banks to improve customer experience and rethink their brand value. They’re not only safe, but they’re also enticing to millennials and other digitally savvy customers.
Today Kiosks are being used in the banking industry at various levels to increase customer interactions and the self-service experience. In the BFSI industry, ATMs, self-help kiosks and feedback booths are examples of kiosk deployments. Bank branches can use the single-app locked-down devices to turn their tablets into on-site kiosks, reducing client wait times and easing the pressure on the on-site employees.
Risks Faced By the BFSI Sector
The BFSI sector is largely different from other industries because of the customization that it offers to each of its customers. Let us look at some of the challenges of the BFSI sector.
Corporate Data Security
The use of mobile devices in banking cannot be ignored today. Millions of consumers use a wide range of mobile devices to access banking applications and websites. But, that comes with its own set of risks such as mobile malware, third-party apps, unsecured Wi-Fi networks, etc. Without a doubt, data breaches are the most critical risk that banks face today. Cybercriminals are more active than ever, making protecting clients’ personal data and information a rising worry for the BFSI sector. Cybersecurity problems can be time-consuming and costly. Customers who are dissatisfied with the service might pursue legal action against the company, which can have long-term consequences. The cost of a loss of reputation and consumer trust is difficult to estimate, but it is certain to be high.
The BFSI workforce’s unmanaged mobile devices and endpoints pose a significant threat to the network, servers and database. As a result, they must be kept safe and under constant surveillance. If not careful, the modern-mobile workforce can fall prey to malicious links and websites, which can cost businesses a fortune. These days, phishing, malware and ransomware attacks are more common than ever.
Phishing occurs through phone calls, emails, or fake websites. Customers reuse their usernames and passwords across several online accounts and sites. Once a username and password combination has been hacked, fraudsters would likely use it to get into legitimate websites. ACH frauds are very common these days.
Any unlawful payment transfer in a bank account is referred to as ACH fraud. It’s also simple to implement. To carry out the fraud, all the fraudster needs is an account number and a bank routing number. It all starts with a computer Trojan that fraudsters install on a computer via a “phishing” attack.
Being an IT administrator in the BFSI industry is difficult due to the industry’s vital nature. Businesses change their work models regularly and sometimes unexpectedly, to stay ahead of the competition.
IT administrators, on the other hand, are drowned in the implementation of a massive number, of course, corrections and novel ideas, such as updating workflows and policies across a large number of mobile devices, controlling user access, ensuring that networks are always up and running, formulating additional security policies, coordinating with internal auditors for security and compliance and so on.
Employees tend to bring their gadgets from where they join meetings to off-site meetings and pertinent client meetings. It must be acknowledged that once a gadget leaves the office, it is no longer as secure as it was before. The expanding BYOD trend is particularly challenging for the financial services industry. BYOD-related cybercrime is on the rise and an efficient MDM should be established to protect the entire BFSI infrastructure.
Device Misuse and Theft
BFSI is vulnerable to device theft. If all of the vital data stored on the devices fall into the wrong hands, the entire firm and its clients could be jeopardized. Data can be abused to commit crimes. Banks typically have sensitive consumer data that, if exposed, can result in legal consequences. This has a long-term negative impact on one’s reputation.
Banks must invest in cutting-edge technology and innovation while ensuring their core infrastructures provide the correct platform for actual organic development and greater consumer wallet share in this dynamic environment where banking essentials are altering. Scalefusion MDM’s kiosk lockdown capability is one such technology that ensures safety and security. Let us understand what a kiosk lockdown is.
Scalefusion MDM’s Kiosk Lockdown: How it’s beneficial for BFSI
The Scalefusion Kiosk Mode allows organizations to turn their standard digital devices into dedicated kiosks by locking them into a single or multiple predefined applications. Businesses can save a lot of money by not buying expensive customized digital kiosks. This also aids organizations in making the most of their company-issued devices by allowing them to run only specific programs and reducing staff distractions.
Let us look at how Scalefusion’s Kiosk Lockdown is beneficial for BFSI.
Kiosk Mode is an MDM feature that allows organizations to convert their mobile devices into purpose-built kiosks. The following are the various sorts of Kiosk Modes that Scalefusion can configure:
Single-App Kiosk Mode
The single-app kiosk mode from Scalefusion hides all other programs and settings on your digital device, allowing only the selected app to run. It converts the devices into a purpose-specific kiosk by locking them within a particular application, such as a self-service kiosk, digital signage, GPS monitor, or mPOS system.
Multi-Apps Kiosk Mode
To secure business-specific device usage, BFSI organizations can lock their device into two or more applications. Multi-app mode restricts the use of the Android smartphone by locking it into a specific set of pre-approved business-specific apps. It allows two or more apps on Android devices for business purposes.
With Scalefusion MDM’s kiosk lockdown feature, IT admins of BFSI can leverage the following benefits:
- 1. Reduced IT burden
Aside from increasing client experience, the goal of adopting digital kiosks is to automate operations and reduce the IT burden in BFSI. With Scalefusion’s single-app kiosk mode, the employees feel more engaged and less distracted. They stay more focused. IT admins can leverage remote troubleshooting features to handle issues on unattended digital kiosks without having to make physical site visits. This reduces the time and IT effort as well.
- Ensure corporate security
Scalefusion’s kiosk lockdown mode ensures to prevent unauthorized access by allowing factory reset protection, blocking non-work and entertainment apps, wiping-off data remotely in case of theft, etc.
Scalefusion’s strict passcode policies ensure that the passwords are strong and are changed periodically through the Scalefusion dashboard. It ensures safety from unauthorized access.
- Reduced costs
Kiosks require less maintenance because they are usually restricted to one or a few specific applications. Special kiosk devices, which are more expensive than commercial digital devices, are not required for businesses. Existing company-owned smartphones and tablets can be turned into kiosks, saving the organization a significant amount of money.
- Over-the-air content management
Scalefusion helps in managing kiosks in bulk and monitoring the content on the devices over the air. Banks can manage content on digital signages and kiosks easily over the air.
The banking and financial services industries have long been a target for cybercriminals. Regardless of how secure their infrastructure is, banks and financial institutions must rethink their security and mobile device and endpoint management strategy. Kiosk Lockdown ensures that BFSI activities run smoothly and safely, allowing businesses to spread their wings.