How COVID-19 Accelerated Financial Digitalization Globally




The COVID-19 pandemic has been a driving force for the financial digitalization of millions globally, resulting in an immense rise or even take-up of digital banking platform usage by financial users. This new trend has a plethora of advantages both for users and financial businesses (FBs), and our COBIS Everywhere solution was specifically designed to empower this transformation- the need for reliable, agile, and secure virtual financial products and services, anytime and anywhere.

Digital Banking Usage Stats

One cloud offering is multi-cloud computing. This popular solution makes the impossible a possibility by enabling financial institutions to respond quickly to the evolving needs of the banking customer and market trends. This technology expands the financial entities’ spectrum of actions, with an infrastructure that supports more flexibility and complexity. It also allows access to files hosted in public and private clouds from different cloud providers and from the same portal without any conflicts.

Many confuse multi-cloud infrastructure with hybrid cloud computing. The biggest difference is that multi-cloud infrastructure enables the interaction of multiple cloud environments from different providers (such as AWS, Google or Microsoft), while hybrid clouds contain public and private cloud files, but limited to the infrastructure of a single cloud provider.


What are the Key Advantages?


Human Capital and Cost Savings: Multi-cloud environments reduces the cost of an organization’ IT infrastructure technical, physical, and talent needs. This is because both private and public data is hosted in third-party multi-cloud infrastructures, without conflicts in accessibility.

Optimized Customer Experience and Offering Delivery: Multi-cloud improves work times and the speed of information processing; this is because the computing environment can support the access of multiple applications. It also optimizes the digital and mobile banking experience through the reduction of access times.


To Summarize

Financial needs have evolved, customers profiles have evolved, and now the financial service market must also transform. For failure to digitally transform will result in becoming irrelevant. Digital transformation is therefore imperative to meet the new virtual reality of our digital lives. Financial providers need to choose technology that will maximize their return, to meet their changing needs and that of their customers. That is why multi-cloud infrastructure is one of the best options, for it enables financial entities to support the continually more complex technological requirements of excellent financial service delivery.   


We can help

At COBIS, we are experts in partnering with financial businesses to enable them with the financial agility to lead the market. We know how complex and competitive the financial sector is, and through our technology and proven work methods can empower you and your customers to not only excel now, but to meet all your long-term business goals. To learn more about our offerings, please visit our website.


Looking to learn about key financial technology trends? Here is our latest blog.

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About the Author

Angie Kilner