In this guide, you will get to know about some of the financial benefits companies gain from using cloud and exploring using fintech technologies like regtech solutions.
Assist Customers Quicker-
It is critical for the financial services sector, which has historically been reluctant to adapt to changing client needs, to use cloud computing to create and deliver new goods and services. Non-cloud apps, even at the prototype level, might need more than 1.5 years of development before they are ready to go to the market.
In light of PSD2, Open Banking, and other efforts, the cloud’s ability to implement new services in less than three months will be critical to both challenger banks and incumbent institutions as they fight to remain relevant in today’s digital banking landscape.
According to research, ‘PCT and Unisys’ is a worldwide IT business which has collaborated on Elevate by Unisys, an omnichannel digital banking platform that enables startups and established financial institutions to offer safe banking services at any time, from any location, using the Microsoft Azure cloud platform.
Build Better Relationships with Your Customers-
Using the cloud’s combination of massive amounts of data and virtually infinite computational capacity, banks may get a deeper understanding of their customers than ever before.
By ignoring this once-in-a-decade opportunity, financial services businesses risk missing out on a significant demographic group in the process.
Banks are seen as unfriendly by 52% of UK SMEs and by 44% of US millennials as not understanding their needs. As competition in the financial sector grows, it is doubtful that banks would survive if they do not understand and cater to these groups.
A brand-new business model was implemented by Tangerine, the new name for ING Direct, in order for the company to gather input from its customers better and implement improvements based on that feedback.
Tangerine has been able to keep and develop its client base because of its intimate knowledge of its consumers. On top of that, Tangerine has been able to adjust new product launches in real-time using Microsoft cloud, keeping the bank ahead of its competitors.
As per the Bloomberg’s report last year, a minimum of 25 of the world’s 38 largest financial organizations and insurance companies have begun working with Microsoft to put applications on the cloud.
Big and small financial services companies alike must guarantee that they don’t fade into obscurity as cloud use continues to rise by using things like regtech solutions.