How secure are the online financial transactions that you carry out? Cyberattacks have increased in frequency over the last ten years, with the financial sector emerging as a prominent target. The digital revolution has significantly improved data handling and transaction convenience while also changing the way we handle our accounts.
Financial service providers are always working to reduce the risks of fraud and financial crimes, which keep evolving due to technological advancements, global events, and interconnected financial systems. Many companies expect these risks to rise in the next year and doubt governments’ ability to keep up with technology and rising criminal activity. To bridge this gap, over two-thirds of respondents are focusing on investing in their own technology.
We are talking about data centralization, but first we need to understand what it is. Centralized data means gathering all information in one place instead of having it spread out, which makes managing and accessing data easier and avoids data redundancy.
Many businesses grapple with unnecessary redundancy and inefficient resource utilization in their operations. They seek tools or processes to effectively reduce these challenges. That’s where Power Automate comes in, offering help with streamlining automated workflows. However, when integrating Power Automate into business workflows, it’s crucial to be mindful of common pitfalls and avoid certain steps for a smoother business process.
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