Financial Services CX Insights: Cloud Transformation Starts with a Vision

The last two years have seen incredible changes. COVID-19 pandemic-driven adjustments in all of our lives have changed buying behaviors, working models and priorities. In the financial services market, they’ve gained fresh priorities for technology and a renewed focus on customer experience. Now more than ever, there’s a need for adaptability, ease of use and increased accessibility.

In consumer banking, customer channel preferences and use have changed materially. Bank teller volumes, ATM and web traffic have seen a switch to mobile device/app use. Now consumers are using mobile channels with features like quick pay, quick deposits and self-service trading. With a mindset on the future, the demand for these features and further mobile capabilities will continue to grow.

Financial service organizations face the challenge of not only optimizing their current mobile capabilities but also positioning themselves for quick adoption of new mobile capabilities. Strategically, these goals are relatively straightforward and simple. In practice, these goals represent a difficult and long process of modernizing infrastructure.

Customer Expectations and Cloud 

So where should financial service organizations begin on their transformation journey? Many have found that moving their customer experience platforms to the cloud provides unparalleled scalability and opportunities for improvement. Migrating to the cloud is secure, cost efficient and it brings quick access to a vast ecosystem of partners and capabilities.

As technology progresses and connects our devices and processes into one cohesive unit, companies must fully comprehend the main motivators and business outcomes for a move to a cloud contact center. This is true in every industry, but especially for the financial services market. Customers want digitized banking and the ability to conveniently interact with their financial institution. It’s essential to consider your customers’ expectations for the future of banking — at the very start of your cloud migration.

To maximize the complexity and breadth of the value a move to the cloud provides, you need to take deliberate action. Let’s look at some reasons banks move to cloud — and the business outcomes they realize.

Define Your Cloud Strategy

The first step is to understand why you want to adopt the cloud — and how it can help your financial institution compete in the market. Are there critical business events or motivators driving your decision?

There are several reasons why companies undergo a cloud transformation. Often, several motivations apply at the same time. Use the table below to generate ideas about which drivers are relevant to you. From there, you can prioritize and assess the potential impact your cloud transformation will have in your financial institution — and what that means for your customers.
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Migration 

Factors listed near the top of the table are the most common — not necessarily the most significant — reasons for adopting the cloud. These outcomes are important to achieve, but they’re most effectively used to transition to other, more useful business strategies, such as:

• Simplifying the stack
• Increasing adaptability and accelerating innovation
• Business enablement

Innovation 

Data is the new commodity. Modern applications are the supply chain that drive that data into various experiences. It’s difficult to find a transformative product or service that isn’t built on top of data, insights and customer experiences.

The following list includes motivations that cause an IT organization to focus more on an innovate strategy than a migrate strategy.

• Preparing for new technical capabilities
• Increasing business agility
• Building new technical capabilities
• Scaling to meet market demands
• Scaling to meet geographic demands
• Improving customer experiences and engagements
• Transforming products or services

Define Your Business Outcomes

Once have a holistic view of the motivations for cloud transformation within your financial institution, you’re ready to prioritize your goals and assess the impact of move to a cloud contact center. Moving to the cloud can generate value not only fiscally, but also operationally. Defining your business outcomes beforehand will leave you better positioned for a seamless transition to cloud.

Fiscal: Financial or fiscal performance is the cleanest business outcome for many business leaders. But it’s not the only one.

Agility: Today’s fast-changing business environment places a premium on time. The ability to respond to and drive market change quickly is the fundamental measure of business agility in the financial services sector.

Reach: In a constantly shrinking market, global reach — the ability to support global customers and users — can be measured by compliance in geographies that are relevant to the business.

Customer engagement: Social marketplaces are redefining winners and losers at an unheard-of pace. Responding to users’ needs is a key measure of customer engagement in banking.

Performance: Performance and reliability are assumed. And if either falter, reputation damage can be painful and long-lasting.

Sustainability: Organizations are increasingly discussing environmental and sustainability goals.

Map Your Path to Success

At this point in the migration process, you’ve determined the motivating factors and decided on your desired business outcome. The next steps involve necessary planning to ensure a smooth and successful migration to the cloud. This process includes the migration effort, responsibilities during the transformation and how know your planning is complete.

Trevor Reese, Strategic Sales Intern, Financial Services team at Genesys, assisted with this article.