As the tough economic conditions of 2020 have dictated, the term ‘digital transformation’ is becoming more and more of a misnomer. Financial services organisations must continually be modernising and leveraging technologies like the cloud to gain a competitive edge; after all, there is no end state to required technological and cultural changes.
With strategic tools like open banking now in banks’ arsenals, global regulators are understanding the advantages of giving customers power over their data - with third-party fintech applications allowing data to flow efficiently, onboard customers securely, and paving the way for open ecosystems and a new generation of financial products.
This new generation of products will be created using aggregated data and building on this consumer analysis, banks can leverage APIs to open new distribution channels and accelerate their continuous delivery of innovation. At the same time, financial players can acquire and retain customers with tailor-made, personalised offerings.
For this to succeed, migration of core infrastructure to a resilient and scalable platform on the cloud is necessary.
While on-premises legacy systems can create limitations, cloud technology can expand up and down as demand grows or falls, giving financial institutions the flexibility to scale, develop secure APIs quickly, and connect to tools that allow for fast aggregation and analysis of high volumes of data.
Further to this, while failing to adapt is costly, merely migrating a legacy system to cloud, rather than building an evergreen solution within a cloud-based infrastructure, could carry additional risks, questioning what successful digital transformation truly is in 2021.
Sign up for this Finextra webinar, in association with Amazon Web Services and Capgemini Financial Services, to join the panel of industry experts as they discuss the following areas:
- The impact of tough economic conditions and no end state for digital transformation,
- Open banking, open ecosystems, and utilising data,
- Personalising offerings for customer acquisition and retention,
- Collaborating with agile third-party organisations to improve onboarding,
- The difference between ROI and profit for the modern bank.
- Anna Milne - Senior Editor, Finextra [Moderator]
- Craig Borysowich - Principal Technology Architect - Integration Technologies, APIs, and Standards,
- Ravinder Khokhar - Vice President & Head of Cloud, Capgemini Financial Services
- Charith Mendis - Digital Transformation & Cloud Leader, Worldwide Banking Specialist, Amazon Web Services (AWS)