Day by day we are witnessing how new technologies redefine the way we live, work, entertain or buy from our home. Virtually all industries reinvent themselves, and the financial sector is no exception. It is one of those that can most take advantage of these changes, both to take better advantage of their activities and to improve the customer experience.
The digital payments They will play a crucial role as the economy goes digital to connect consumers with service providers. And it will also happen with banking services. We have gone from having to go to a bank branch to open accounts, deposit money, order transactions at the windows to do all of this from our computer or our mobile phone. A radical change that users are getting used to and that is gaining ground. The convenience of being able to review operations, make payments, review our investments and banking movements from home, at any time and any day of the week has improved the experience of many and has a strong impact on daily life because they are activities that we carry out frequently. Machine Learning, with chatbots or bots that learn from these user experiences.
Digitization is a constant and unstoppable challenge for banks, not only to adapt to the needs of its users but also to face its limitations. It demands to offer products and services safely at any time, any day, in real-time and from anywhere. The migration of services and data to the cloud (cloud banking) plays a prominent role in this process, it is one of the technological trends facing the banking sector. Each entity must exhaustively plan its digitization process, identifying which is the most convenient for both it and its clients. It is about offering the best service, but it is also convenient for the entity’s managers to take advantage of these new functionalities that cloud banking allows.
Some of these solutions not only improve the customer experience but also extend the digital tools that are available to bank managers and commercials and increase the efficiency of internal processes. In many cases, the cloud provides information that is generated using artificial intelligence and that the entity can collect and analyze.
Cloud banking provides new applications, new services that improve competitiveness but also helps to understand the needs of customers, with changing requirements and characteristics, which favors competitiveness and the commercialization of personalized products and services. All without forgetting the necessary safety standards and adjusting to current regulations.
The sector concentrates the storage of its data in the cloud in four providers: Amazon (AWS), Microsoft (Azure), IBM, and Google. For all of them, the cloud financial sector is one of the great engines of growth.
Microsoft includes the Pentagon among its clients, after taking the mega-contract to store their data in the cloud after a tough fight with Amazon, but also Banca March, one of the banks to implement a fully cloud-based sales management, or Santander, with whom it has a multi-year agreement for its cloud services and artificial intelligence data management. Amazon serves Mapfre or BBVA, among others. IBM has developed specific cloud technology for financial services from Bank of America and also collaborates with Banco Sabadell. Lloyds Banking Group has signed a collaboration agreement with Google Cloud to promote its comprehensive transformation program towards the cloud, as has Liberbank.
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