![]() Automatic processing of this data allows them to operate far more efficiently and make use of technologies, such as AI and data analytics, to retain and expand their customer base while managing their risks.įor example, companies can use chatbots to provide a better customer experience, AI technologies to extract complex information from documents, and analytics to gain deeper business insights. ![]() Banking and insurance, in particular, are highly transaction-based industries that generate large amounts of data. The benefits of cloud infrastructure for financial services include cost reduction, better and more integrated security, improved scalability and flexibility – and it is seen as a more efficient and cost-effective approach to big data and analytics.Īutomation is a particularly important component of digital transformation for financial services companies. In addition to these, to upgrade legacy system, a growing number of financial institutions are turning to the cloud, which is seen not only as a driver of efficiency but also an enabler of change. The main technologies in which financial services companies are investing include artificial intelligence (AI), blockchain, data analytics, the internet of things and robotic process automation (RPA). The adoption of technology is the critical element to enable these changes. To meet customer demands, investments are continuing in innovative online banking, digital platforms, exploring different channels, insurance applications valued by customers, and improving data quality to benefit from more accurate reporting. ![]() Companies are looking to restructure operating models so that they can become more agile and make efficiency gains. There is a strong trend in the financial services industry toward upgrading legacy systems and implementing an agile way of working across business functions. Furthermore, financial services companies operate in a highly regulated environment, which requires them to manage digital transformation while simultaneously meeting demands from stakeholders for greater transparency and trust. New technologies are enabling banks, insurers and other established financial services companies to overhaul their operations and identify different ways of serving their clients.Īt the same time, the emergence of these technologies creates opportunities for challenger businesses, such as payment services providers. The financial services sector is undergoing large-scale digital transformation that has widespread implications for how companies in the sector run their businesses. Just as technology is transforming the operations of financial services companies, it is also revolutionizing the way their audits are conducted. ![]()
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