Cloud in financial services

Ecosystems unlock synergies and faster decision-making to drive top-line growth.

Financial services firms are looking for quick decision-making and faster product innovation. According to a 2022 InterSystems poll, 86% of banks and insurers lack confidence in using their data to drive decision-making.27 Moreover, a study from the London-based provider of cloud-native core banking platforms,10xBanking, found that 64% of bank managers believe that slowed digital transformation impacts their business.

Financial services executives told Capgemini that ecosystem partnerships are an asset to their strategic priorities:

69% said cloud providers are vital to offer scalable infrastructure, enhanced data security, and advanced analytics features.

57% said other supplemental technology providers are critical for integrating platforms and equipping their firms with the right technology to support cloud priorities.

55% said FinTechs and InsurTechs are important to offer innovative solutions across payment processing, lending, digital banking, underwriting, and claims processing to help enhance customer experience.

Ecosystem partners help banks and insurers drive operational efficiency by providing access to alternative customer data, ensuring consistent organizational data flow and product creation agility. Our Executive Survey respondents said partnerships help them innovate through enhanced data insights (72%), collaborative R&D (48%), and reduced barriers to digitalization (46%).

Banking and insurance ecosystems can help provide scalability, manage financial transactions efficiently, create innovative products, improve customer relationships, and maintain compliance.

With the right innovation capabilities in place, FS firms can boost customer acquisition and top-line growth by:

Expanding market reach by entering and serving new markets with the help of cloud systems that don't require the costs involved in building multi-location infrastructure

Providing value-added features and services that attract new customers Enhancing customer engagement through personalized reach, quicker time to market new products, and faster response to evolving customer needs.

Financial services firms can leverage ecosystem partnerships to anchor business strategy around customers.

Capgemini

Author

AiUTOMATING PEOPLE, ABN ASIA was founded by people with deep roots in academia, with work experience in the US, Holland, Hungary, Japan, South Korea, Singapore, and Vietnam. ABN Asia is where academia and technology meet opportunity. With our cutting-edge solutions and competent software development services, we're helping businesses level up and take on the global scene. Our commitment: Faster. Better. More reliable. In most cases: Cheaper as well.

Feel free to reach out to us whenever you require IT services, digital consulting, off-the-shelf software solutions, or if you'd like to send us requests for proposals (RFPs). You can contact us at [email protected]. We're ready to assist you with all your technology needs.

© ABN ASIA