Digitalization – fresh opportunities for the financial sector

Technologies such as blockchain and cryptocurrencies are throwing up new challenges for the financial sector. Above all, however, they offer fresh opportunities and possibilities for improving efficiency and security. Rittal provides the perfect solutions to meet financial institutions’ data management and data security requirements.

Innovative technologies and forms of mobile communication that are creating new structures and processes by capturing, transferring and evaluating large volumes of data are opening up big opportunities for financial institutions to expand the range products and services they offer. Thanks to online banking, customers can do their banking anywhere and at any time. And when it comes to corporate customers, the digitalization of the financial sector is creating new options and areas of business. Banks are gaining new insights into what their corporate customers do with the money they have received from them. Depending on the individual case, this may help assess the risk of a transaction, for example. In other words, banks are far more directly involved in processes.

Availability and security are top priorities

The new technical possibilities are improving the availability of services. Customers expect to be able to bank using various channels, selecting their preferred method and switching whenever they wish. This omnichannel approach aims to network all channels so as to ensure easy switching at any time, also maintaining or even improving customer satisfaction through end-to-end availability. The digital challenge means omnichannel availability has become one of the most important strategies in the financial sector.

One trend that will change the sector for ever is blockchain. This new disruptive technology makes it possible to keep a global register that unambiguously assigns ownership and helps transfer assets in seconds if necessary. In the case of payments, for example, blockchain technology enables fully anonymous transactions between users without a central financial intermediary. All the parties involved check and document each transaction, which prevents subsequent tampering. Although cryptocurrencies such as Bitcoin have raised the profile of blockchain technology in recent years, it also offers considerable potential and a whole host of opportunities in many other sectors of the economy. For example, blockchain can be used in electronic trading systems such as after-hours trading. Blockchain technology has been taken to the next level with smart contracts. In this case, the blocks are not restricted to simple financial transactions but include entire contracts relating to securities such as shares, bonds, futures and loans.

To get the most out of these new options, banks and financial institutions require a fail-safe, state-of-the-art infrastructure that ensures high availability and optimum cybersecurity. This is vital, because as the potential for the financial sector grows, so does the scope for hackers. Cutting-edge IT security should meet the challenges of digital transformation while also creating a solid foundation for further development.

Rittal and German Edge Cloud provide IT security “Made in Germany”

Together with sister company German Edge Cloud, Rittal offers IT security solutions from a single source. This gives customers the ultimate in IT security – for their operational technology (OT), for cloud services and for their applications. In addition, the two partners provide versatile cloud services from data centres located in Germany, which means data remains in Germany at all times during processing. The RiZone solution from Rittal bears the “Software Made in Germany” hallmark of the German Federal Association for Small and Medium-Sized Companies in the IT Industry (BITMi), which demonstrates that it meets the highest security requirements and benefits from ongoing development. The hallmark above all reflects the aspects of service, quality and future viability. Customer support and training teams speak German, the software was tested in German laboratories and further development of the solution is one of the contract stipulations. RiZone is a DCIM (Data Centre Infrastructure Management) solution for monitoring complex infrastructures. In the future, Innovo Cloud will be offering its cloud services complete with C5 certification. Most existing security standards are suitable for in-house relationships or outsourcing partnerships but have not been optimised for cloud computing. The C5 catalogue of the German Federal Office for Information Security (BSI) describes international security and certification standards, with C5 certification acting as an attestation that is required in the case of public procurement, for example. In other words, customers who opt for the innovative solutions from Rittal will always be on the safe side.


Digitalization is creating new business models

Connected and smart, digitalization is having an impact in all sectors of industry.

IT Infrastructure

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