Financial services institutions are currently experiencing profound levels of change as they prepare for the future of business and commerce. And they are facing unprecedented challenges and opportunities in the digital era. Customers expect personalized, convenient, and secure services across multiple channels, while new entrants and fintech disruptors are challenging the traditional business models and value propositions of established players. Thus, financial institutions must modernize their businesses to support the technological enhancement of their front and back-ends in an ever-more competitive environment of rising cost pressures.
Embracing Cloud-Based Solutions to Power Revenue Growth
Financial services institutions are increasingly deploying cloud-based solutions to streamline operations, reduce capital expenditures, and enhance productivity. These solutions underpin data analytics and business intelligence (BI) capabilities which can help financial institutions improve their customer experience, operational efficiency, and business innovation. And through digitalization, they are also creating new products and services such as mobile banking apps, digital wallets and online investment platforms which can help gain insights into customer behavior and market trends to better serve customers and stay competitive.1
Among the key drivers for revenue growth for financial institutions are customer satisfaction and loyalty. 2 Customers want to interact with their financial institutions through their preferred channels – whether it is online, mobile, phone, or in-person, and they expect consistent, seamless and personalized experiences across all of them. They also demand innovative products and services that meet their evolving needs and preferences, such as digital wallets, robo-advisors, or peer-to-peer lending.
Boosting Your Operations with Data Analytics and BI
To deliver these kinds of experiences, financial services institutions need to create a hyperconnected ecosystem that maximizes operational efficiency and customer value. This means integrating physical, digital, and third-party services into one platform to enable data sharing and collaboration across key departments and functions.
Data analytics and BI are essential capabilities that enable financial institutions to understand and meet the new and emerging needs of customers, optimize operational efficiency and productivity, and transform cost business models. Leveraging artificial intelligence (AI)-enabled data analytics and BI capabilities help financial institutions gain insights into customer behavior, market trends and operational performance–helping drive more cost-effective strategies and data-driven decisioning. Financial institutions can use the data they collect about customers to create new and innovative products and services to boost revenue streams.3 It can take many forms, such as using data for collaborating with non-bank institutions to develop a network of services.
Transforming Your Cost Base to Invest in Differentiated Digital and In-Person Experiences
Reducing costs and increasing efficiency is not only a matter of optimizing your IT spending, but also of transforming your entire cost base and operating model. Digital innovation helps optimize business processes and streamline operations.4 By automating manual tasks, integrating systems, and leveraging data analytics, organizations can enhance efficiency, reduce costs, and improve productivity. Digital tools such as workflow management systems, robotic process automation, and cloud computing enable streamlined operations and faster decision-making.
Leverage Lumen’s Expertise to Drive Better Cost Outcomes and Maximize Return on Investment (ROI)
Deploying new technologies and solutions to enhance customer experiences and operational efficiency can be costly and complex. Financial services institutions need to balance their IT budgets with their strategic goals, ensuring they get the best return on investment ROI from their technology spending.
Realize the full potential of your business with Lumen’s reliable network, collaboration, cloud and security solutions. Lumen helps meet the unique needs of today’s financial institutions by creating a hyperconnected ecosystem – leveraging advanced cloud, edge and other advanced technologies to ensure fast, reliable, and secure connectivity. As you connect with customers across new channels, we can help enable seamless, homogenous experiences by combining physical, digital, and third-party services at scale.
We empower financial institutions to maximize operational efficiencies while keeping costs in check – helping you realize the full potential of data analytics and BI capabilities and achieve your strategic objectives. Lumen is a trusted partner that can help you minimize costs, unlock new efficiencies and gain a competitive edge.
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1Forbes. The Future Of Data And AI In The Financial Services Industry
2Forbes. How Financial Institutions Can Improve Customer Connections To Drive Growth
3Forbes. How Data-Driven Banking Can Transform The Financial Landscape
4Ideascale. What is Digital Innovation? Definition, Examples and Best Practices
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The post Optimize Value with Financial Services Technology Investments first appeared on Lumen.
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