The banking industry has evolved more rapidly than experts could have ever anticipated. With a reported 34% of users now taking to mobile banking as their primary means of accessing their account, it is good an indication of where the industry is already headed (Forbes).
In a post-COVID world, any action or inaction a business makes is more powerful than ever before. The banking and financial services sectors cannot afford the repercussions of an outdated environment, with a world of customer volatility and rapid innovation already in full swing.
Perhaps, the answer to their prayers is more obvious than one might think…
Disruptive. Powerful. Agile. These are only a handful of words used to characterize the immense power and impact of Cloud Technology. Its transformational properties possess the innate ability to revolutionize the way organizations “bank” from B2B and B2C fronts. What’s more, with a recent surge of 75% in credential-abuse attacks against financial institutions, neglecting to upgrade to a more secure and efficient alternative is no longer a viable option (Venture).
Here’s four ways you can expect to see banks benefit from cloud technology…
Increased Operational Speed is key to efficiency. The global and national banking system holds an unimaginable amount of customer data. Be it a previous transaction, or imported information such as your FICO store, banks are often inundated with more customer data than they know what to do with. Since banks often employ the use of on-premises models, they are not able to benefit from some of the modern offerings available today. Specifically, divisions working independently of one another from the same business can be highly problematic, as it is often inefficient and results in data duplicates and gaps. One of the many benefits of Cloud Technology, however, is its ability to seamlessly and efficiently offer real-time insights (CloudComputing). More specifically, it enables users to create, access, as well as maintain a centralized storage, capture, and interpretation processes systems (CloudComputing). This technology, in turn, empowers business users to obtain and evaluate their data at a much more granular and richer level. In the context of banking, these enhanced insights can help bridge the gap surrounding concerns of the monetary and customer service variety.
Data Security in all its glory. In the ancient story of Achilles, he perils due to his one weakness: his ankles. While data analytics and cyber security are not quite comparable to that of Greek mythology, there is something to be said for the importance of anticipating and preparing “weak spots,” for your long-term benefit. Cloud technology can holistically and autonomously evaluate security and safety compliance within an organization (CloudComputing). This means than a business can reallocate the time and resources typically dedicated to vulnerabilities in their system to more timely and profitable concerns. Whether it be assessing users reviewing their online bank information, or flagging fraudulent behavior, the role cloud technology can play for an enterprise is almost invaluable. AI/ML models may ultimately take this over as the technology becomes more frequented in the industry. Unlike its onsite counterpart, these robust cloud services prevent data loss, theft, and cyber-attacks all while maintaining data privacy compliance regulations across the entire organization.
Customer Insights at a whole new level. The banking industry is arguably one of the most competitive institutions in the world. For that reason, any tool can be immensely imperative to their sustained competitive advantage and long-term success. Cloud technology makes data, actionable. Systech Solutions’ cloud offering is a perfect example of how transformative this technology can be in a business landscape.
Systech Solutions has a successful track record of building cloud-based customer insights on both AWS and Azure, to create hyper-targeted campaigns and serve customers better and deliver strong results. Once success story example is when they modernized the business analytics and cloud strategy for a leading financial services client. As a result, this enterprise was able to accelerate innovation at scale and operationalize data-driven customer segmentation on cloud infrastructure. In turn, they were able to increase their revenue growth and margins, as well as better understand and predict the needs of their customers.
More affordable than ever. One of the many benefits of cloud technology is its cost savings component. Instead of requiring the traditional onsite maintenance, installation, security, and manual updates, Cloud technology enables users to only pay for what they. It is a scalable and flexible alternative to what the industry is historically accustomed to. (CloudComputing). Banks, specifically, no longer require giant teams of employees to facilitate all these costly activities. Through the adoption of Cloud, by that logic, Banks will be able to reallocate those resources toward other, more impactful, and urgent initiatives, making them both more competitive and profitable at the same time without compromise any of their data servicing needs. In turn, they can redirect their resources (monetary and otherwise) toward sustained growth, in lieu of maintaining prehistoric data offerings of the past.
Dopplr – a platform an “Intelligence Anywhere” platform, built on the Modern Data Framework (MDF) – is a great use case for how cloud technology allows modern data analytics platforms to achieve speed to value (Dopplr). Its cloud foundation enables it compatible with self-service analytics, scaling and distribution, visual data engineering, and more (Dopplr). As a secure cloud platform that combines iPaaS capabilities for real-time and predictive insights, it serves as a foundation for delivering insights and empowering business users.
The future of banks and cloud technology The world is changing faster than experts could have ever imagined. Industries that fail to modernize with the times find themselves at an unimaginable disadvantage. How can banks properly service their customers if they – themselves – are ill-equipped to act in their own self-interest?
What’s more, cloud technology is essential to a seamless and impactful digital transformation. Staying “ahead” of the times is not only a competitive an advantage, but a complete game changer. While there are varying levels of customization to consider (i.e., strategy, compliance, compatibility, etc.), “cloud” – itself – is an inevitability of the near future. Experts at Systech are at the forefront of this technological front, providing cloud implementation, modernization, and integration services to support banking and financial services, with respect to all future data endeavors.
Scalable, efficient, agile, secure… Cloud is here to stay.
The Systech Solutions, Inc. Blog Series is designed to showcase ongoing innovations in the data and analytics space. For more information, please click here.
For more information surrounding Systech Solutions’ cloud offerings and innovations, explore https://systechusa.com/cloud/
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