Digital Transformation Through Agile Delivery
IT Agility AbilityTM
Digital Transformation Through Agile Delivery
IT Agility AbilityTM

The Challenges and Opportunities that will Drive Financial Services in the Coming Years

There are many challenges facing financial services firms as they navigate their way through the rapid technological changes that have affected the sector in the last twenty years. While many have embraced the technology changes, many others are challenged by it.

Banks’ Use of Cloud Becomes More Complicated

With remote working fast becoming the norm, running some infrastructure in the cloud has become essential. Financial service firms have long been laggards in adopting cloud over security and compliance reasons.

But even these organisations must support distributed workloads and support customers around the world, so the adoption of cloud, even multiple clouds and hybrid infrastructures is fast becoming commonplace. These firms need to ensure that they use the right cloud technology that is secure and complies with legislation.

More Use of AI

AI will be used more by banks and other financial services to manage the increased complexity of cloud and on-premises operations. Data analytics-powered artificial intelligence will also allow financial institutions to tailor products and services to customers who could benefit from them most. According to Deloitte, 53 percent of financial services companies familiar with AI said their institutions are developing or have already launched commercial deployments or pilots of AI applications.

Increasing Use of Blockchain

Blockchain is very likely to change the way financial institutions do business. Blockchain is increasingly being used to build payments and trade finance platforms. According to Deloitte, 40 percent of respondents in a survey of financial services executives indicated that implementing blockchain at their institutions will be extremely important or critical in five years.

More Digital Customer Engagement

The adoption of digital across all aspects of customer engagement in financial services has rapidly accelerated over the last few years. One of the biggest IT strategies for financial services firms is digital self-service, such as being able to request a payment holiday. Automation can simplify the process of helping customers carry out routine banking processes by themselves.

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