Due to working from home and at the office, cybersecurity applications may be dragging productivity for when workers sign in remotely to secure environments. Other enhancements help correlate data to capture trends and spot threats earlier.One of the more fascinating developments in cybersecurity involves Behavioral biometrics. That approach uses AI to predict and analyze worker behavior.
We know that there’s more to FinTech than keeping an eye on the next, newest business venture. Since the last time we wrote about technology and ensuring your firm doesn’t fall into a tech debt, the news on FinTech has often been driven by concern.[1] Given how often advisors have to answer to the actions of cryptocurrency firms and their unethical (and possibly illegal) activity, it’s easy to see how thinking about enhancing technology in your firm may have been overlooked. Yet, there is good news. New tech can help advisors and their clients in multiple ways. Here are a few new ideas on the tech front.
The last time we spoke of budgeting and technology it was in our blog article on tech debt. “In a recent survey, small businesses said tech mistakes are one of the top reasons they struggle to expand.”[2] A simple mistake many companies make is in taking shortcuts around upgrading their technology, “Many experts noted that small businesses often fail to either upgrade their outsourced tech support or create opportunities for employees to get training on the technology they work with daily. That failure in training can create a tech debt – workarounds and miscommunications across departments and roles in your company. In general, “tech debt” happens when you choose a short-term solution that may be quick to implement but sub-optimal in the long term, as it may involve multiple systems, accommodations and employee time to fix them.”
If your tech budget is a tad limited, making your tech dollars work means focusing on getting the most for your money. You may want to consider these new products. The top of any list for anyone working in a regulated industry, especially in financial advising, should be cybersecurity.[3] CrowdStrike, Zscaler, Palo Alto Networks, Sophos and Microsoft all announced new cybersecurity products in 2023.[4] Those new products include upgrades based on the hybrid model more companies have adopted around work location. Due to working from home and at the office, cybersecurity applications may be dragging productivity for when workers sign in remotely to secure environments. The upgrades launched in 2023 from those companies include enhancements in cloud security and protecting remote use of cloud environments (Google Cloud, Microsoft Azure). Other enhancements help correlate data to capture trends and spot threats earlier. One of the more fascinating developments in cybersecurity involves Behavioral biometrics. That approach uses AI to predict and analyze worker behavior. “This technology can detect patterns in the way users interact with devices, such as typing speed, mouse movement, and navigation. By analyzing these patterns, behavioral biometrics can find potential threats, such as hackers who have gained access to a user’s account.”[5] On a simpler level, for firms moving more production into the cloud, they may want to invest in a more basic software. G2, a software ranking and reviewing company, gives its highest marks to Okta. “Okta is an on-demand identity and access management service for web-based applications, both in the cloud and behind the firewall.”[6] For companies looking to simplify processes to enhance productivity, G2 also recommends LastPass. “LastPass business solutions help teams & businesses take control of their identity management with password management, single sign-on (SSO), and adaptive multifactor authentication (MFA).”[7]
In addition to cybersecurity, firms looking to make the most use of limited technology budgets may want to consider software that enhances productivity by allowing greater collaboration. Tech experts recommend products like Asana, a project management product that works seamlessly with existing technology. “[I]t's not just the features that Asana has that make it special – it's the way those features are wrapped up in an elegant and accessible interface that's easy to navigate…. We also like the way Asana integrates very well with more than a hundred other products and services. All the big names are included – Dropbox, Slack, Gmail, Salesforce and so on – and this means Asana is flexible enough to fit right into whatever workflow you've got set up at the moment (or want to try in the future).”[8] Picking the right project management software may be the best way to enhance productivity without creating a tech debt. Those pros note that not all PM software has the same productivity boost. When discussing Slack, they note “Slack may not have killed off email just yet, and it can turn into a time sink if you're not disciplined in how it's deployed…” Other experts recommend ClickUp ahead of Asana. “[I]t goes further with templates and features that allow for an Agile software development process…. It offers collaboration tools, such as real-time editing, mentions, calendar sync, and role creation and permissions, preset and custom automation recipes, reporting dashboards, project-tracking tools, such as checklists, timelines, Gantt charts, Kanban boards and dependencies, and over 1,000 integrations. Use templates or customize dashboards so your team works on its own terms.”[9] It’s in-app video recording may also enhance compliance tracking for some companies.
[1] https://www.bcgbenefits.com/blog/fintech-trends
[2] https://www.bcgbenefits.com/blog/technical-debt
[3] https://www.bcgbenefits.com/blog/cybersecurity-inside-and-out
[4] https://www.crn.com/news/security/15-new-cybersecurity-products-to-know-q1-2023
[5] https://www.eccu.edu/blog/technology/the-latest-cybersecurity-technologies-and-trends
[6] https://www.g2.com/best-software-companies/top-security
[7] https://www.g2.com/best-software-companies/top-security
[8] https://www.techradar.com/best/best-small-business-software
[9] https://www.forbes.com/advisor/business/software/best-project-management-software
These articles are prepared for general purposes and are not intended to provide advice or encourage specific behavior. Before taking any action, Advisors and Plan Sponsors should consult with their compliance, finance and legal teams.
Before leaping into the unknown, we recommend a thorough examination of your plan. Because we are experts in the field, we know the marketplace and know what your existing vendor is capable of offering. Through this examination, we can help you optimize the service you receive.
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