Banks need the flexibility of cloud solutions to address the rapidly changing expectations and options consumers and businesses have when it comes to their financial needs.
The banking industry has always been at the forefront of developing innovative ways to meet the needs of customers. Key to modernizing today’s customer experience is ensuring that products and solutions are developed with a digital-first approach that provides real-time solutions that are secure, scalable, and able to rapidly adapt to the changing needs of the customer.
Critical to the success of a digital-first approach is implementing cloud-native solutions built on modern cloud platforms to allow banks to focus on innovation and stay competitive. According to the most recent IDC Worldwide Banking IT Spending Guide, banks will increase their investment in cloud at a rate two-and-a-half times larger than that of the overall IT budget over the next four year.
Creating hyper-personalized experiences across both digital and in-person channels requires banks to build the foundational infrastructure, leveraging cloud technology, for their back-end systems. Using advanced data management and analytics will help drive better decision making while mitigating risk and yielding better experiences. Application modernization must also be developed with employee experience in mind, particularly as labor shortages and talent gaps have become leading concerns among bank executives.
The Wipro and Google Cloud partnership is positioned to help financial institutions execute a digital technology transformation journey that impacts the user experience by helping clients scale their data, modernize infrastructure and redesign IT operating and delivery models.
Download this IDC Spotlight to understand the challenges banks face in modernizing their infrastructure and applications in order to provide innovative customer experiences and how the Wipro FullStride Omnichannel Banking solution on Google Cloud supports financial institutions through every step of their digital transformation journey.