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If there is one sector at the forefront of digital change, it is the financial sector. A diverse landscape of traditional banks, neo-banks and other providers offers the discerning consumer a wide range of choices. However, customers also want the assurance that they can securely access bank services 24/7. Towering expectations, emerging technologies and changing business models will continue to demand the utmost from your financial institution in the coming years. Within this context, the cloud has a key role to play.
The added value of digital transformation for finance
Far-reaching digitization and internationalization have changed the financial ecosystem forever. But we are not there yet. It is important to keep innovating existing ICT infrastructures in order to keep your customers loyal and stay ahead of the competition in the future. These are the trends to consider:
Trend #1: Digitalizing the customer journey
The digital customer journey is central to any strategy within the finance sector. As brick-and-mortar branches close down, online user experiences are moving to the forefront. If online processes such as sales, marketing, self-service and order processing fail to run perfectly the first time, the customer will just as easily switch to a different provider. Constant innovation in digital customer contact and digital products are a prerequisite for engaging in healthy competition – and that goes hand in hand with new and growing data streams.
Trend #2: Privacy, regulatory frameworks, and societal pressures
Society and government are increasingly pressuring financial institutions to embrace their social responsibility. In addition, every new law, rule or directive requires new processes, and new processes require new automation and implementation initiatives. Demonstrating compliance requires detailed, real-time knowledge and analysis of data flows and security – a time-consuming activity.
Your challenges, our solutions
There are all sorts of reasons why you might be postponing a digital transformation. For our consultants, your ICT challenges are standard occurrence. They are happy to help you come up with the perfect solution and roll it out. These are the challenges you are likely to be facing:
Security & compliance
More than ever, regulatory authorities are emphasizing risk and reporting. Cybersecurity and the fight against cybercrime are urgent priorities. Regulatory frameworks such as Sarbanes-Oxley (SOx), Basel III and DNB standards impose stricter requirements on the security of your ICT environment, encryption and data storage. All of this requires complex analyses, new procedures, and systems and certifications such as ISO27001 and ISAE-3402. A flexible infrastructure and a datacenter that guarantees quality and security will help you lay the foundations for compliance.
Lack of technical knowledge and insight
The digitalization of internal and external processes requires a great deal of digital knowledge and skilled technical personnel that you may not have in-house at this point. Skilled and experienced ICT specialists are in high demand, and competition is fiercer than ever.
Highly competitive FinTech market
More than 98% of all financial applications are conceived by start-ups from outside the industry. This has put the traditional financial sector on edge in recent years. Besides step-up financing, your bank will also have to respond to other forms of financing. For example, the FinTech market has already developed alternative forms of financing for start-ups and SMEs, such as crowdfunding, factoring and online working capital.
Your partner in a successful digital transformation
Behind every successful business model, you will find a reliable digital infrastructure. To achieve this, you not only need high-quality technology, but also a partner who will advise you throughout the process. Where other datacenters often only operate as suppliers, are we a reliable partner that will help you find the right solutions and guides you through every step of your digital transformation. In this process, you can rely on our years of experience and expertise.
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