Bahaa Abdul Hussein is a Fintech expert and shares his experiences with his audience through his blogs. This time he discusses why financial services companies must look at cloud.
The Covid-19 pandemic brought unprecedented disruptions in all sectors of lives, including financial services. Financial organizations realized the need to make quick and rudimentary changes to keep the operations flowing.
During the lockdowns, customers needed virtual ways to express their demands. And the employees of the firms had to work from home too. This was a transitioning period for the digital world that saw innovations. It also brought to the forefront, the need to embrace cloud platforms and services.
Implementation of cloud technologies has now proven to make operations very efficient in the retail banking industry. Research conducted by Accenture has shown that almost half of the participants belonging to the industry have expressed it had generated business value too.
Enhanced customer experiences
The cloud provides a safe place for companies where they can store all their data securely. This in turn helps the companies to plan personalized customer services. They get a wholesome insight into a customer’s preferences and behaviors.
This real-time visibility will help digital banking platforms. They can use the data cloud to introduce predictive models. Thereby, organizations can identify their high-value customers and also provide them with the experiences they seek.
Improved data visibility
As cloud platforms have made it possible to store different data in one place, it has also helped in making financial companies more aware of them. During the pandemic, the data assisted them in understanding the new demands, and the firms could continue offering customer experiences to the best of their ability.
Furthermore, a cloud platform makes enhanced data sharing a much simpler process. Otherwise, a legacy data warehouse involves risk, expense, and complexity. A cloud platform diminishes the need for the manual effort which is required while working with traditional data-sharing tools. Now no employee needs to physically transfer data. Data consumers will have read-only access to a part of the company’s information through SQL.
Finer interaction
Digital banks are developing at a breakneck speed. The constant growth of mobile banking and the increased availability of online services have impacted customers’ interaction with financial institutions.
As the competition is steep, institutions feel compelled to better the accessibility of data. Or their customers can move to a more adept financial institution. Therefore, financial organizations need to have stronger collaboration with other firms.
When data is made available in a common pool for uniform governance, companies are able to observe who has access to the data and make this data easily accessible across business units. The objective of centralizing data is to make it more secure observed Bahaa Abdul Hussein.
Trends change every day and many such trends are expected to transform the trajectory of the financial sector soon. If new-age platforms want to prosper, they’d do well to tap into the potential of data and cloud platforms.
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