The use of this site and the content contained therein is governed by the Terms of Use. When you use this site you acknowledge that you have read the Terms of Use and that you accept and will be bound by the terms hereof and such terms as may be modified from time to time.
All text, graphics, audio, design and other works on the site are the copyrighted works of nasscom unless otherwise indicated. All rights reserved.
Content on the site is for personal use only and may be downloaded provided the material is kept intact and there is no violation of the copyrights, trademarks, and other proprietary rights. Any alteration of the material or use of the material contained in the site for any other purpose is a violation of the copyright of nasscom and / or its affiliates or associates or of its third-party information providers. This material cannot be copied, reproduced, republished, uploaded, posted, transmitted or distributed in any way for non-personal use without obtaining the prior permission from nasscom.
The nasscom Members login is for the reference of only registered nasscom Member Companies.
nasscom reserves the right to modify the terms of use of any service without any liability. nasscom reserves the right to take all measures necessary to prevent access to any service or termination of service if the terms of use are not complied with or are contravened or there is any violation of copyright, trademark or other proprietary right.
From time to time nasscom may supplement these terms of use with additional terms pertaining to specific content (additional terms). Such additional terms are hereby incorporated by reference into these Terms of Use.
Disclaimer
The Company information provided on the nasscom web site is as per data collected by companies. nasscom is not liable on the authenticity of such data.
nasscom has exercised due diligence in checking the correctness and authenticity of the information contained in the site, but nasscom or any of its affiliates or associates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this site. The information from or through this site is provided "as is" and all warranties express or implied of any kind, regarding any matter pertaining to any service or channel, including without limitation the implied warranties of merchantability, fitness for a particular purpose, and non-infringement are disclaimed. nasscom and its affiliates and associates shall not be liable, at any time, for any failure of performance, error, omission, interruption, deletion, defect, delay in operation or transmission, computer virus, communications line failure, theft or destruction or unauthorised access to, alteration of, or use of information contained on the site. No representations, warranties or guarantees whatsoever are made as to the accuracy, adequacy, reliability, completeness, suitability or applicability of the information to a particular situation.
nasscom or its affiliates or associates or its employees do not provide any judgments or warranty in respect of the authenticity or correctness of the content of other services or sites to which links are provided. A link to another service or site is not an endorsement of any products or services on such site or the site.
The content provided is for information purposes alone and does not substitute for specific advice whether investment, legal, taxation or otherwise. nasscom disclaims all liability for damages caused by use of content on the site.
All responsibility and liability for any damages caused by downloading of any data is disclaimed.
nasscom reserves the right to modify, suspend / cancel, or discontinue any or all sections, or service at any time without notice.
For any grievances under the Information Technology Act 2000, please get in touch with Grievance Officer, Mr. Anirban Mandal at data-query@nasscom.in.
In the ever-evolving landscape of financial services, the adage “customer is king” has never held more truth. Today’s customers are not merely seeking transactions; they are seeking tailored experiences, seamless interactions, and personalized solutions. The rise of fintech disruptors has highlighted the importance of understanding and adapting to these shifting customer preferences with remarkable agility.
In this era, where financial institutions are confronted with a demanding and dynamic clientele, the cloud emerges as a transformative force—a bridge between the traditional ways of banking and the heightened expectations of the modern customer. The financial industry finds itself at a crossroads, where innovation is no longer an option but an imperative.
This blog will explore how financial institutions are harnessing the power of the cloud to embark on a journey toward a customer-centric culture. It will delve into the technologies, strategies, and real-world examples that are reshaping the financial landscape, offering customers not just what they want but what they need in ways they’ve never imagined. So, fasten your seatbelts as we embark on this journey into the future of finance, where the cloud is the compass guiding institutions toward a more customer-centric horizon.
Customer Evolution: Shaping the Cloud-Driven Future of Finance
To truly appreciate the significance of the cloud in creating a customer-centric culture within financial institutions, we must first understand the evolution of customers themselves. Not too long ago, the banking experience was defined by physical branches, paper transactions, and limited accessibility. Customers were largely passive recipients of services, often resigned to long queues and rigid banking hours.
However, the digital age has ushered in a profound transformation. Customers today are digital natives accustomed to instant gratification and on-demand services. They carry the world of finance in their pockets, with smartphones serving as portals to a universe of financial possibilities. The expectation of convenience, real-time access, and personalized experiences has become the norm. In today’s landscape, customers demand more than just financial services. They want a seamless blend of technology and human touch. They expect:
Hyper-Personalization:
In today’s banking landscape, customers aren’t just seeking financial solutions; they crave experiences that truly resonate with their unique life journeys. In a survey by Accenture, 91% of consumers said they are more likely to trust brands that provide relevant offers and recommendations. Forward-thinking banks are utilizing AI-driven insights to craft personalized financial pathways that anticipate customers’ needs, recommending not just savings or investments, but financial adventures aligned with their aspirations and ambitions.
24/7 Financial Universe:
The modern customer doesn’t wait for banking hours. They inhabit a financial universe that never sleeps.According to a report by Fiserv, 82% of consumers expect access to financial services beyond traditional banking hours. Banks of the future are crafting ecosystems where financial services are accessible anytime, anywhere. Whether it’s checking account balances at 2 AM or making international transactions on a Sunday morning, customers demand a financial universe that orbits around them.
Fortified Data Guardians:
The IBM Security Cost of a Data Breach Report found that the average cost of a data breach in 2022 was $4.35 million. With cyber threats on the rise, the custodians of financial institutions have evolved into formidable data guardians. Beyond the traditional vaults, they employ cutting-edge encryption, decentralized ledgers, and predictive AI to safeguard financial secrets. Customers now expect banks to be at the vanguard of cybersecurity, always vigilant against even the most elusive digital threats.
Frictionless Financial Zen:
The age of banking hassle is over. Today’s customers are the champions of convenience. They crave seamless financial zen, where every interaction is smooth, intuitive, and swift. A study by PwC revealed that 73% of consumers consider a good user experience to be a key factor when choosing a bank. Innovative institutions are crafting digital interfaces that don’t just facilitate transactions; they orchestrate financial symphonies, turning complexities into harmonies.
Personal Data Sovereignty:
Customers are seeking a paradigm shift in data ownership. They want to own their financial data and grant limited, temporary access to banks or other financial institutions for specific purposes. According to a survey conducted by Pew Research Center, 79% of Americans are concerned about the way companies use their personal data. This highlights the growing demand for greater control over personal information. Blockchain and decentralized identity solutions can empower customers to control who accesses their financial information, enhancing data privacy and security.
Pioneering Partnerships in Finance:
Customers no longer see their banks as mere financial institutions; they envision partners in their financial odyssey. According to a survey by Deloitte, 60% of consumers expect their banks to provide access to third-party financial apps and services. Visionary banks are forging pioneering partnerships that provide customers access to the frontier of financial innovation. It’s not just about cutting-edge tools; it’s about granting customers a ticket to the future of finance, where opportunities abound and financial horizons are boundless.
Fintech companies have been at the forefront of understanding and meeting these evolving customer expectations. Unencumbered by legacy systems and established processes, fintechs have demonstrated a remarkable ability to pivot swiftly in response to customer demands. Their agility has enabled them to redefine the financial landscape. Fintechs leverage the cloud’s scalability, data analytics, and agile development to deliver personalized, accessible, and secure financial experiences. They prioritize user-centric design and seamless API integration, creating interconnected ecosystems that redefine the financial landscape.
Traditional financial institutions, on the other hand, often grapple with legacy infrastructure and processes that hinder their ability to adapt quickly. While these systems have served them well in the past, they have become a double-edged sword in the era of rapidly evolving customer expectations. Legacy systems are typically rigid and difficult to modify, designed for a different era when banking primarily occurred in brick-and-mortar branches. This inflexibility makes it challenging for traditional institutions to pivot and respond swiftly to changing customer demands. Moreover, older systems often struggle to scale efficiently, leading to performance issues during peak demand periods.
Over time, these institutions have accumulated vast stores of customer data, yet this data is often siloed in various systems, making it difficult to gain a holistic view of each customer’s financial behavior and needs. Consequently, maintaining and upgrading these legacy systems becomes prohibitively expensive and time-consuming, leaving fewer resources available for innovation. As a result, a growing disconnect has emerged between what traditional financial institutions currently offer and what customers demand in an age of digital-first, highly personalized, and real-time experiences.
This is where the cloud emerges as a pivotal player in the transformation of traditional financial institutions. By migrating their operations to the cloud, these institutions can shed the limitations of legacy systems, retire costly on-premises hardware, and adopt modern, scalable technologies. Cloud technology empowers institutions with the agility to adapt quickly to changing market dynamics and customer preferences, facilitating experimentation, iteration, and innovation at an unprecedented pace. It also enables advanced data analytics, providing institutions with a comprehensive understanding of their customers by aggregating and analyzing data from various sources.
Moreover, cloud solutions are inherently scalable, ensuring services remain available and responsive, meeting customers’ expectations for accessibility. Enhanced cybersecurity measures offered by cloud providers further bolster security, assuring customers that their financial data is safeguarded. In essence, the cloud is a transformative force that empowers traditional financial institutions to reinvent themselves, bridging the gap between their legacy systems and the dynamic expectations of modern customers. With the cloud as their ally, these institutions can embark on a journey towards fostering a truly customer-centric culture, where innovation, personalization, and agility become the cornerstones of their success.
Click here to read more about The Role of Cloud for a Customer-Centric Culture: Unlocking Uncharted Potential
That the contents of third-party articles/blogs published here on the website, and the interpretation of all information in the article/blogs such as data, maps, numbers, opinions etc. displayed in the article/blogs and views or the opinions expressed within the content are solely of the author's; and do not reflect the opinions and beliefs of NASSCOM or its affiliates in any manner. NASSCOM does not take any liability w.r.t. content in any manner and will not be liable in any manner whatsoever for any kind of liability arising out of any act, error or omission. The contents of third-party article/blogs published, are provided solely as convenience; and the presence of these articles/blogs should not, under any circumstances, be considered as an endorsement of the contents by NASSCOM in any manner; and if you chose to access these articles/blogs , you do so at your own risk.
To make intelligent decisions, you need data. By analysing where your money is going interms of the cloud consumption, you can compare your costs to your utilization to discover where you might have waste within your cloud environment.…
Cloud Management platforms - Every thing you need to know
CMPs provide a means for a cloud service customer to manage the deployment and operation of applications and associated datasets across multiple cloud service infrastructures, including…
Cloud Security framework employs a series of mechanisms to slow the advance an attack aimed at unauthorized access to information in the cloud environment. Each layer provides a mechanism such that if one layer is breached, a subsequent layer is…
Introduction
Cloud computing is one of the latest technological advancements in computing. With cloud computing, users can access information technology services at any time from any location. The flexibility and ease of functioning it offers have…
Need to Offload from Mainframe
In the digital world, Mainframes continues to drive significant part of world’s business transactions and data. While Mainframes provides advantages of massive power, reliability, security, performance and…
Introduction
Technical Debt represents the effort required to fix issues that are embedded in the software implementation when an application is released to production. Technical Debt across different technology stacks, are estimated based on…
