The financial industry is immersed in a profound digital transformation that is changing the way institutions operate and how customers interact with your services. While this transformation is giving rise to new business opportunities, it also presents a series of challenges that financial institutions must address in order to move with agility in an increasingly changing environment.
If we take for granted the obsession with Informatic security as something that must remain core business For any institution, we find regulatory compliance (the regulations that govern how they handle their customer data and financial transactions) the main challenge to address, since digital transformation processes often involve changes in systems and processes, which can complicate compliance with regulations that are constantly evolving.
On the other hand, many financial institutions have legacy systems that can be old and difficult to integrate with new technologies (for example, in the cloud). The migration of data and systems to modern environments can be a complex and expensive process, which usually ends up creating silos that make it difficult to have a unified view of all the information. Especially when it comes to managing and analyzing large volumes of information that are essential for the strategic decision making and the personalization of services.
It must also be taken into account that the rapid evolution of technology means that banks, insurance companies, credit companies, etc. must stay abreast of the emerging trends, from artificial intelligence and machine learning, to the possibilities found in blockchain or even cryptocurrencies. Evaluating how these technologies can benefit your operations and services is essential to staying competitive.
All of this can end up impacting the experience of some customers, who currently demand the ability to have digital applications and services that are easy to use, safe and adapted to many of the innovations they already find in consumer technology, such as the use of AI to help them get more out of their finances. And in this sense, the lack of an exceptional customer experience can lead to the loss of users in a market that is increasingly competitive.
How to offer a better customer experience
To avoid this, VMware assures in «The human touch in an increasingly digital world”, that financial institutions can opt for a platform-based approach, capable of accelerating the speed of development and with this the agility to satisfy the changing needs of clients.
This approach, they say, consists of “breaking down the barriers between business and technology teams, allowing them to operate coherently towards common objectives. “A unified vision, driven by a single standardized platform, is key to overcoming fragmentation and offering employees and customers a seamless experience.” An approach that also allows companies in this sector…
- Rapidly bring new banking products and services to market through a modern software supply chain and distribution platform.
- Standardize infrastructure and operations across clouds to reduce complexity and increase efficiency.
- Enable modernization and flexibility through an on-premises software stack that scales with the public cloud to deliver uninterrupted service.
- Integrate security into all layers of the IT infrastructure to implement zero trust, reduce attack surfaces, and better respond to any threats or anomalies.
All this facilitates modernize financial systems and applications, accelerating the commercialization of digital solutions that improve the customer experience and embrace new revenue generation opportunities. For IT teams, it helps reduce the complexity of platform operations by centrally managing modern container infrastructure on an as-needed basis across clouds.
If you want to learn more about this new approach and understand how VMware can help you offer a personalized experience to clients in the financial sector, accelerate application development time and improve the management of the ICT department, we encourage you to download the document “The human touch in an increasingly digital world.” Do not miss it!
