In order for banks to protect their customers and their assets, security and risk controls must be prioritized as serious matters. For institutions offering floor plan financing, they must be even more vigilant to protect themselves against cyber attacks and physical threats to collateral. VeroOS is here to help.

We believe that banks must prioritize these top security features in 2024:

1) Digital Security and Software Enhancements

Banks should focus on updating their software systems to the latest technologies that incorporate security features. Applications should include enhanced encryption and detection systems to prevent and monitor for incoming attacks.

Automatically patching common vulnerabilities helps keep lender ecosystems clean. With a subscription to VeroOS this is something that comes out of the box.

2) Realtime Risk Management Capabilities

This is a key differentiator for our VeroOS. Waiting for the end of the day to notice any signs of concerns can cause devastating consequences for financial institutions. Time matters, and ensuring you have up to the minute updates on activities can make all the difference. This will help banks with smaller concerns like NSF cases, and other warning signs for struggling customers.

3) Enhanced Fraud Detection

Automating detection patterns can ensure fraud is stopped before it happens, and can be customized to a bank’s specific guidelines. Trained algorithms managed by sophisticated software can help analyze and alert managers to unusual patterns. For example, tracking bank balances to identify changes in activity that help identify if a dealer’s purchasing activity drastically changed.

4) Automating Audit Processes

Regular audits of dealership inventories are a manual process with significant margins of error. By investing into automated processes, audits can be simplified and provide peace of mind. This can include digital analysis of documents like titles that often slow down the audit process.

5) Vendor Due Diligence

Banks need to monitor their relationships closely with providers of services for software, compliance, regulation, data processing, and more. Lenders can garner immediate support by partnering with vetted, experienced professionals who understand the security risks to their business.

If you have a portfolio and are looking to upgrade how you operate, consider contacting our team of experts today to learn more about the best technology solutions for your inventory financing needs. We are proud to work with Sopra Banking Software to offer a comprehensive, trustworthy, and user-friendly loan management system.