While financial services organizations are certainly facing challenges driven by today’s digital age, there is plenty to be optimistic about. Today’s digital innovations are creating unprecedented new business opportunities, and we’ve reached a tipping point where the industry is focused on embracing the best of them to move their businesses forward and thrive. Below are Digitalization’s top 4 priorities to be adapted in FSI.
Let’s get real. The industry has moved from debating the value of these new technologies to a focus on accelerating real-world deployments. Financial services organizations are looking for technology vendors to take the lead in enabling innovation and solving their business transformation challenges.
- Using data as a competitive advantage. As we know, the financial services industry is flooded with data and it’s become a huge task to convert it into logical and useful insights. Today’s emphasis is on tapping into new forms of analytics and AI to unlock its potential and infuse insights for a competitive advantage—by enhancing the customer experience, improving operations and security, increasing productivity, managing risk, and more.
- Modernizing payments and core banking. This is on everyone’s mind. While payments are the backbone of every bank, the playing field is no longer level for banks processing on batch-oriented legacy mainframe systems. The rise of fintech, the shift in consumer demands, and the pervasiveness of data have altered the landscape. To keep pace with these challenges, banks are prioritizing the need to modernize their platforms to improve agility and significantly lower the costs of managing legacy systems.
- Turning to the cloud. The cloud is also no longer a question mark. It’s real. Regulators have even come to see the cloud as a compliance enabler. Banks are recognizing the cloud can offer greater security and controls than in their legacy, on-premises environments, and holds the key to helping unlock the value of their data, improve business agility, reduce costs and gain a competitive edge.
With today’s technologies, financial services organizations have a tremendous catalyst to improve competitiveness and business agility, drive growth, elevate customer experiences and keep ahead of changing regulations and cybersecurity threats.
Source: https://cloudblogs.microsoft.com/
Global iTS is a leading Microsoft Dynamics 365 ERP and CRM Partner, headquartered in the UK. With 300+ clients, successfully proven implementations, an excellent support system by our experienced domain specialist, and a good track record of customer retention. Also, it has a strong foothold and customer base across other GCC countries (Bahrain, Saudi Arabia, Oman, Kuwait, UAE, and Qatar). Global iTS is mainly into the specialized requirements in Financial Services and Insurance sectors focusing on Digital Transformation journey in Retail Banking, Commercial Banking, Insurance Providers, Private Equity, and Investment Banking by bringing Artificial Intelligence, Machine Learning, Blockchain, and Robotic Process Automation technologies and enhanced their productivity and profitability. We bring in over 15 years of international expertise to digitally transform any aspect of a client’s business.
