{"id":415887,"date":"2022-01-15T16:30:24","date_gmt":"2022-01-16T00:30:24","guid":{"rendered":"https:\/\/www.genesys.com\/blog\/post\/financial-services-cx-insights-cloud-transformation-starts-with-a-vision"},"modified":"2022-01-13T18:40:47","modified_gmt":"2022-01-14T02:40:47","slug":"financial-services-cx-insights-cloud-transformation-starts-with-a-vision","status":"publish","type":"blog","link":"https:\/\/www.genesys.com\/en-sg\/blog\/post\/financial-services-cx-insights-cloud-transformation-starts-with-a-vision","title":{"rendered":"Financial Services CX Insights: Cloud Transformation Starts with a Vision"},"content":{"rendered":"

[vc_section][vc_row][vc_column][vc_column_text]The last two years have seen incredible changes. COVID-19 pandemic-driven adjustments in all of our lives have changed buying behaviours, working models and priorities. In the financial services market, they\u2019ve gained fresh priorities for technology and a renewed focus on customer experience<\/a>. Now more than ever, there\u2019s a need for adaptability, ease of use and increased accessibility.<\/p>\n

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.<\/p>\n

Financial service organisations face the challenge of not only optimising 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 modernising infrastructure.<\/p>\n

Customer Expectations and Cloud\u00a0<\/strong><\/h4>\n

So where should financial service organisations 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.<\/p>\n

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 centre<\/a>. This is true in every industry, but especially for the financial services market. Customers want digitised banking and the ability to conveniently interact with their financial institution. It\u2019s essential to consider your customers’ expectations for the future of banking<\/a> \u2014 at the very start of your cloud migration.<\/p>\n

To maximise the complexity and breadth of the value a move to the cloud provides, you need to take deliberate action. Let\u2019s look at some reasons banks move to cloud \u2014 and the business outcomes they realise.<\/p>\n

Define Your Cloud Strategy<\/strong><\/h4>\n

The first step is to understand why you want to adopt the cloud \u2014 and how it can help your financial institution compete in the market. Are there critical business events or motivators driving your decision?<\/p>\n

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 prioritise and assess the potential impact your cloud transformation will have in your financial institution \u2014 and what that means for your customers.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column width=”1\/3″ css=”.vc_custom_1641403668170{margin-right: .5rem !important;}”][vc_column_text]Critical Business Events<\/strong><\/p>\n

Data centre exit<\/p>\n

Merger, acquisition or divestiture<\/p>\n

Reduction in capital expenses<\/p>\n

End of support for mission-critical technologies<\/p>\n

Response to regulatory compliance changes<\/p>\n

New data sovereignty requirements<\/p>\n

Reduction of disruptions and improvement of IT stability<\/p>\n

Reduce carbon footprint[\/vc_column_text][\/vc_column][vc_column width=”1\/3″ css=”.vc_custom_1641403677395{margin-right: .5rem !important;margin-left: .5rem !important;}”][vc_column_text]
\nMigration<\/b><\/p>\n

Cost savings<\/p>\n

Reduction in vendor or technical complexity<\/p>\n

Optimisation of internal operations<\/p>\n

Increase in business agility<\/p>\n

Preparation for new technical capabilities<\/p>\n

Scaling to meet market demands<\/p>\n

Scaling to meet geographic demands<\/p>\n

Integration of a complex\u00a0IT\u00a0portfolio[\/vc_column_text][\/vc_column][vc_column width=”1\/3″ css=”.vc_custom_1641403685554{margin-left: .5rem !important;}”][vc_column_text]Innovation<\/strong><\/p>\n

Preparation for new technical capabilities<\/p>\n

Building new technical capabilities<\/p>\n

Scaling to meet market demands<\/p>\n

Scaling to meet geographic demands<\/p>\n

Improved customer experiences and engagements<\/p>\n

Transformation of products or services<\/p>\n

Market disruption with new products or services<\/p>\n

Democratisation and\/or self-service environments[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Migration\u00a0<\/strong><\/p>\n

Factors listed near the top of the table are the most common \u2014 not necessarily the most significant \u2014 reasons for adopting the cloud. These outcomes are important to achieve, but\u00a0they\u2019re most effectively used to transition to other, more useful business strategies, such as:<\/p>\n