The new year presents a great opportunity to set new goals, both personally and professionally. For financial institutions, there’s no time like the present to evaluate the technology supporting your customer offerings.
From open banking to buy now, pay later offerings, demand for digital experiences will continue to drive cloud platform adoption in retail banking. Cloud-based solutions can help financial institutions, mortgage banks, and insurance providers achieve rapid scaling with purpose and outcome-focused digital transformation in weeks and months, rather than years.
Here are three ways to transform your banking experiences and prepare for a fantastic 2023.
Cloud platforms allow banks to focus resources on the biggest source of differentiation today: data. A cloud platform can help organizations be more flexible by emphasizing banking processes and combining applications with pre-built but customizable financial services processes and tools like automation, analytics, and artificial intelligence/machine learning (AI/ML).
Cloud infrastructures enable ease of operation between different systems while preserving data security and privacy. These platforms help retail banks manage their data and processes without reinventing the wheel, freeing them to spend more time building customer and partner relationships. This capability becomes critical as financial institutions work in multi-industry ecosystems and are called upon to share data and applications with other organizations.
Enhance banking experiences
A cloud platform can be a starting point for innovation, experimentation, and business agility. Moving to the cloud enables banks to improve the security, resilience, and efficiency of their IT services. Simply put, the cloud allows banks to get new things done faster.
Cloud infrastructure can facilitate the applications, analytics, and scalability needed to quickly and securely launch new services to meet customer demands. One emerging service that cloud technology has enabled financial institutions to embrace is buy now, pay later—a form of short-term loan. Expanding opportunities into new lines of business, such as short-term loans, can be a stepping stone into other larger areas of digital business.
Take a cloud-first approach
Taking a cloud-first approach when evaluating your customer offerings and the underlying technology supporting them can better enable innovation and open revenue streams. With the agility, speed, and efficiency of the cloud, banks can wield technology as a true differentiator.
Cloud networking enables banks and credit unions to more easily tap into the next generation of digital technologies that are already reshaping the competitive landscape, as well as unleash the full value of their digital data. Cloud solutions can open the door to advanced technologies like AI/ML and the devices connected to the Internet of Things (IoT). Banks that are not migrating to the cloud are missing opportunities to make their businesses more efficient, resilient, and customer focused.
In an industry where customers’ expectations continue to evolve, embracing cloud technology can help you meet the needs of 2023 while preparing for the years ahead. Get started on your banking resolutions with more insights about future-proofing banking, and learn more about how the Cisco Meraki cloud platform can empower your teams with intuitive experiences that help scale operations.