How financial services institutions can take bolder steps towards digital transformation

Financial services institutions (FSIs) face an increasingly competitive environment as both startups and established enterprises invest billions in fintech to earn a share of the available market. They know customers are highly selective, and perfectly willing to switch providers if they aren’t happy.

Effective cloud solutions and other technologies can help deliver what customers expect and support business goals. But conventional approaches and legacy infrastructure can slow down implementation.

The client-led bank of the future will allow data to flow securely between services, enriched and enhanced by artificial intelligence. This will deliver a customer experience that differentiates the banks of the future and ensures customer loyalty in the changing banking industry.

It’s time to step forward with an accelerated digital transformation strategy or risk being left behind.

Read about how we support the digital transformation of FSIs.

Realize the full potential of data

Personalization can be an effective way of building customer loyalty. Doing it well requires first understanding what data you have available, then being able to use that data to offer proactive and more responsive services tailored to customers’ unique needs.

This used to be nearly impossible, or at least prohibitively expensive, but the evolution of technology and infrastructure is making it easier to implement data-driven personalization. So much so, it’s becoming a nonnegotiable for service providers wanting to build customer loyalty and achieve their growth goals. At the same time, customers increasingly expect that services will be tailored to them and offered proactively.

However, old systems, infrastructure and applications can limit your potential to customize and even personalize services to meet these expectations. When data is stored in separate locations or segmented by business area, creating a bespoke experience for customers becomes a slow and complex process.

Cloud-based infrastructure and applications, securely hosted in data centers across the globe and optimized through managed services, can enable new efficiencies in this area. With fully digitalized systems in place, you can streamline the flow of data and harness it more holistically without compromising customer data security.

Enhance, automate and reskill

Data protection is top of mind for customers who are concerned about how their data will be used, who can access it and what policies are in place to ensure their information remains private.

When delivering enhanced, personalized services, FSIs need to communicate how they’re handling this and how they align with compliance and governance requirements.

One way to smooth the journey to enhanced customer service is to use automation tools. Robotic process automation uses software to interact with digital platforms so that selected tasks are handled automatically instead of requiring human interaction. This reduces the margin for human error and frees up employees to focus less on admin and more on delivering a proactive and personal customer experience.

Automation alone won’t solve everything, though. It’s important to engage with your employees and explain the business strategy behind automation. Then, invest in upskilling or reskilling them so they know how to use these tools effectively to drive innovation in service delivery. 

Global reach and extensive experience at your disposal

As a technology partner to some of the world’s leading financial services organizations, we understand the dynamics and complexities of the industry. We’ve designed and implemented a wide range of technology solutions that have taken our clients from stagnation to innovation – and we can help you do the same.

Our secure-by-design solutions, underpinned by our Tier 1 global network and global data centers, can help you become more resilient. And with managed services spanning multicloud environments, networks and software-defined infrastructure as well as innovative edge computing, we’ll deliver the support and architectures needed to achieve your innovation and business goals.

Learn more about how we’re helping FSIs revolutionize their business models and explore new income streams.