Register for our latest webinar with Amazon Web Services and Capgemini Financial Services on Thursday 3 June 2021 at 15:00 BST as industry experts discuss Beyond 2021 Why Infinite reinvention is key to digital transformation
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.