The cloud-based SaaS model, in particular, has become notably beneficial for financial institutions in recent years. It allows them to make their services more scalable, accessible on multiple devices, and cheaper.
To explore how SaaS technology is changing financial services for good, let’s look at some of the most prominent trends in this industry.
✨Digital Transformation
Financial institutions are now exposing their data through APIs (application programming interface), powering the next generation of digital banking solutions.
APIs allow third-party developers to build apps and other services on top of financial institutions' existing infrastructure.
✨The Cloud
Since cloud computing first boomed in 2009, the banking industry has increasingly moved to cloud platforms.
The cloud approach is helping to cut costs and increase efficiency at financial institutions, which are taking advantage of cloud technologies such as software-as-a-service (SaaS), platform-as-a-service (PaaS), and infrastructure-as-a-service (IaaS).
Investments in cloud technology are expected to rise in 2022.
✨SaaS Technologies
SaaS allows financial institutions to pay only for what they need or use. That way, they can avoid paying for licensing fees, upfront costs, and other expenses associated with on-premises solutions.
Banks can also engage in multi-tenant SaaS delivery models to share resources with multiple clients to make the most of their investments.
✨Open Banking
Financial institutions are now competing to give customers more control over their information.
This is achieved by creating a secure yet flexible platform that allows users to access and share financial data from multiple sources.
Open banking requires a data infrastructure that can be integrated with third-party services or apps so that users have complete control over their data.
Check out https://bit.ly/3n7J771
✨Artificial Intelligence
The next generation of banking services is being powered by artificial intelligence or AI.
Financial institutions have a wide range of opportunities to use AI-powered solutions to improve the customer experience, increase savings, and cut operational costs.
For example, banks can use AI to create digital assistants with a conversational user interface.
Other examples include chatbots that help users manage their accounts or make payments and financial advice software that uses data analytics to calculate the best investment strategy for users' financial goals.
Financial institutions need to fully view their data assets to make these tools as effective as possible.
This will help them identify opportunities for better customer service and support that delivers lasting value to the business.
Further reading: https://bit.ly/3lVnWpp
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