Financial businesses (FBs) with digital financial services must invest in their cloud infrastructure. This important technology enables immense scalability, seamless interaction, and accessibility anytime, anywhere, and from any device. And not only that- but, the flexibility and agility it offers FBs and users results in immense cost and time savings.
But, what about the Serverless cloud modality? This post will elaborate on the additional benefits of this amazing technology.
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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.
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The hyper-competition triggered by the global pandemic challenges financial businesses (FBs) to not only innovate their offerings, but prioritize the user experience (UX), to truly capture the attention of the financial customer. Since, today’s financial end user prefers digital banking services, FBs must respond to this need to stay relevant.
Digital banking solutions must pay more attention to the UX of their digital channels, with personalized offerings optimized to deliver a satisfactory user experience for each unique customer niche. Knowing this, now is the time to evaluate systems, upgrade, and integrate solutions to the wider range of consumer segments adopting digital banking, and to successfully compete in an environment of constant digital innovation and disruption.
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Agile methodologies are essential in this era of rapid innovation, and now proven even more vital during the pandemic. These frameworks empower organizations to quickly respond to any variable, and enable high levels of productivity and outstanding business outcomes.
It is no surprise that these methods are widely used by the financial sector, for they naturally complement the acceleration of the digital transformation of financial institutions. Designed at the advent of the internet, these methodologies logically reflect the vision of their creators. At a time when programmers were searching for a responsive method to create digital applications and facilitate the quick adoption of new technologies, these new agile systems transformed their work.
Within this context, agility is defined as the fast and continuous delivery of developments, strategically dividing projects into smaller processes, aimed to maximize the result of the end product. This workflow structure enables continuous feedback and focused collaboration with each deliverable. This facilitates powerful and profound technological developments that reflect the cooperation of all individuals in the workflow process, its success is not only seen in its agility, but the resulting solution and consequent business outcomes.
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A few months into the “new normal” of pandemic living and economic surprises, we see the continuation of innovation and strategic business schemes in the financial technology space. The cloud is not only a norm, but a vital aspect of most global businesses, pushing its advancements into new offerings such as Serverless and Multi-cloud services. Fintech companies are being watched carefully, as non-bank players come up with financial solutions that attract some and repel others. BigTech partnerships, mergers and acquisitions, and Cloud-first and regulatory-compliant-digital-banks, now add a new dimension to the financial technology market, paving the way for more challenges, but even more opportunities. Governments and the private sector continue to explore open banking, digital currencies, and other potential technologies that require regulatory reform. As they continue to observe the evolution of the financial customer profile and the growing dependancy between individuals and organizations, they realize their new need to have the capabilities to act quickly to global and national crises. Lastly, now that we are used to this “new normal,” we are once again focusing on financial inclusion, with new players tackling key gaps to not only better the poorest of the poor, but other important groups financially underserved, such as the gig economy.
Below, we will focus on key aspects of financial technology and how they are critical to how we look at the future of digital financial solutions.
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