6 cloud-based revenue opportunities for financial institutions
COVID-19 forced many banks and credit unions off the dime on technology projects to meet customer and operational needs. If financial institutions continue as they began, the modernization will improve use of artificial intelligence and overall agility, bringing a true transformation.
In the early days of the coronavirus shutdown, one of my favorite neighborhood restaurants proudly displayed signs indicating that they were open for takeout and delivery service. Defying hard times, they were determined to serve their customers and keep their business going. Since then, they’ve recovered and reopened with a new outdoor seating area, improved online ordering and contactless payment. Business is steady, and the owner is optimistic. They used a moment of crisis to respond, recover and set the stage to thrive.
Many financial institutions have followed a similar path in their initial responses to the crisis. Now they’re thinking about how technology can help them accelerate innovation, improve the customer experience and grow revenue and market share. David Linthicum, Deloitte’s chief cloud strategy officer, stated that COVID-19 could be a catalyst that drives enterprises onto a better-planned IT path — and likely at a reduced cost.
Before the crisis, many financial institutions were considering, or in some cases starting, multi-year technology initiatives to modernize or replace legacy systems that were cost prohibitive, lethargic and aged. Mid-market regional banks in particular often have unused data center capacity and core banking systems that are not configured in an agile manner for rapid adjustments to features and functionality needed to address market forces. Contact center agents are typically always on site, with limited thinking into disaster recovery or continuity plans.
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