What challenge is associated with the use of digital technology in banking?
Understand the Problem
The question is asking about a specific challenge related to the use of digital technology in the banking sector, implying that there are various effects of digital technology, some positive and some that pose challenges.
Answer
Security issues.
The primary challenge associated with the use of digital technology in banking is security issues, particularly cybersecurity threats.
Answer for screen readers
The primary challenge associated with the use of digital technology in banking is security issues, particularly cybersecurity threats.
More Information
As digital technology integrates into banking, security remains a pressing issue. Banks need to continually adapt their cybersecurity measures to combat fraud, hacking, and phishing, ensuring both data protection and compliance with regulations.
Tips
Failing to prioritize cybersecurity can lead to breaches and loss of customer trust. Ensuring constant updates and awareness in cybersecurity strategies is vital.
Sources
- 5 Digital Banking challenges for 2023 - Profile Software - profilesw.com
- 5 challenges of digital transformation in banking - dashdevs.com
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