Financial technology or fintech sector in the U.K. contributes more than £6bn to the economy annually. Financial institutions are increasingly embracing fintech to carry out at-scale’ analytics, integration with AI (artificial intelligence) , cloud computing, as well as to manage evolving employee and customer expectations.
With the advent of the fourth industrial revolution, change is happening fast with a need to strike a balance between agility and meeting customer expectations apart from keeping up with privacy and regulatory requirements.
Banks are evolving in line with these changes and using technology with customers’ needs in mind. A Pwc survey in the U.K. revealed that the top technologies that are poised to transform financial services are cloud, Artificial Intelligence (AI), and big data.
Key features of transformation
Cloud driven: The cloud is a key aspect of this transformation with financial services building their operations around the cloud. Microsoft Dynamics 365 cloud services meet the mandatory regulations which has encouraged increased adoption of cloud.
Using integrated Azure cloud services ensures that financial services are compliant with the regulations while also offering scalability of resources based on demand. This results in improved efficiency and optimization of cost savings.
Automatic updates and Microsoft’s comprehensive cybersecurity and privacy protection services also allow financial institutions to focus on their customers, without the concerns of meeting security and regulatory mandates.
Data and automation: Data is a key asset in the digital world but to derive maximum impact from this data, it is important to use it the right way. Combining data management with automation solutions helps customers take informed decisions in investments while enabling banks to offer personalized services. Microsoft Dynamics enables screening of client portfolios to identify if investments are aligned with their individual goals, generates concrete recommendations to sell and buy. Advisors can better tailor investments for individuals, resulting in optimally personalized service.
If you wish to know more about how fintech can transform your financial institution, get in touch with us today. Please call us on 01299 382957 or e-mail email@example.com