Cloud has become a common thing now. Almost every business is using cloud technology. Thus, the idea of digital transformation is different now. Companies are now focusing on optimizing the cloud tools that are using. Financial firms are using digital tools for utilizing their cloud data. They are using cloud tools for increasing their productivity. In this article, we are going to talk about the top digital transformation trends that are going to shape the financial industry.
We rarely go to the bank now. Almost everyone is using digital banking applications for doing their transactions. You can deposit checks, transfer funds, and get loans without visiting your bank. Mobile banking is a simple market where the company with the easiest app will win. Most banks think that their physical locations have become an overhead. Customers want 24/7 access to financial apps. Thus, banks are also focusing on offering customer-centric services. They are working on developing better apps for their customers.
Cyber Crime and Fraud
Financial institutes have paid more than $300 billion in regulator fines. These penalties are only increasing with time. The regulatory compliances are becoming stricter with time. Thus, banks need to improve the security of their data and applications. They have to ensure that their customer’s data is protected from attackers. Cyber threats and compliance are never going to go away. Thus, financial firms are looking for scalable solutions that will help them in maintaining a secure IT infrastructure.
Banks have improved fraud detection and screening across their mobile and web apps. They are working with CASBs for identifying cloud threats. Also, financial firms are investing in real-time network monitoring. There are many good MSPs available in the market that can help you in monitoring your network. Experienced MSPs like Bleuwire can help you in protecting your business from attackers. SaaS applications will also help you in protecting your cloud applications from disasters.
Business resilience is another very important factor for financial firms. It will help you in protecting your business from cybercriminals. Business resilience simply means that you can quickly respond to cyber attacks. Your DR plan will help you in resuming your operations and recovering your data after a cyber attack.
Financial firms have faced many disruptions in 2020. The Coronavirus pandemic was probably the biggest disruption for financial firms. Most employees are working from their homes now and cybercrime has increased during this pandemic.
It is very important to maintain regulatory compliance and operability even during these tough times. The risk spending was more than $72 billion before this coronavirus pandemic.
Most financial firms are trying to increase their business resilience by investing money into new security technologies. They are working on creating an IRP or incident response plan. Also, they are setting authentication controls and user provisioning. They are testing their systems and monitoring their users. These are some things that will help you in becoming more resilient.
Data is everything for financial firms. However, you should also use this data. Banking and financial firms are using machine learning algorithms for processing this data quickly. These machine learning algorithms are helping financial firms in processing their data accurately. Financial firms can use big data for providing better services to their customers. They can also save a lot of money by using these machine learning algorithms.
Every customer is looking for a digital-first experience now. They want to have a personalized experience. You can’t just build a simple app for your users. Financial firms already understand this fact and are working on creating better applications for their users. Big data will actually help you in providing better services to your customers.
Financial firms are using customer’s financial information and history for creating a personalized experience. Tools like PowerBI will help you in analyzing trends in your data. They will help you in identifying the points that are causing friction. Also, you can use this data for designing workflows for your applications. This will help you in optimizing your customer experience.
Financial firms now understand the importance of scalability. Thus, they are slowly removing legacy systems from their workflow. Legacy systems can cause a lot of hindrance to your productivity. Thus, companies are now moving to cloud platforms. This will help you in reducing your risks and costs. Also, it will ensure that you can easily launch your products. Most bank executives want to upgrade their infrastructure. Legacy systems are already very hard and expensive to maintain. Also, it is very difficult to deploy new functions. Cloud providers will offer better flexibility and agility to your business.
Blockchain is again becoming a big thing. Digital currencies are reaching their potential. Blockchain is also becoming a huge asset in loan processing, escrow services, and digital payments. It is becoming a huge asset in almost every financial sector. If you need security, then blockchain is the perfect thing for you. Blockchain is also helping companies in automating their processes. This will help you in meeting certain security regulations. Thus, Blockchain is going to be a big thing for financial firms.
Every financial firm is trying to upgrade its IT infrastructure. You have to ensure that your firm is ready for 2021. Many financial firms have also started working with experienced MSPs for reducing their burden. Experienced MSPs like Bleuwire can help you in monitoring your network and systems. They can help you in implementing the best technology. Also, you don’t need to worry about broken systems. Your partner will help you in fixing all your IT problems. Also, they will help you in moving your applications and data to the cloud. Thus, it is a good idea to work with MSP in 2021. If you need more tips regarding digital transformation, then you can contact Bleuwire.