4 Trends Driving Digital Transformation in the Financial Industry

Now that cloud services are commonplace, digital transformation is not about getting started in the cloud and more about optimizing tools on platforms like Microsoft Azure and AWS.

For financial companies, 2020's digital transformation will be shaped by the need to make better use of data in the cloud, with Covid-19 providing unique pressures and increasing cyber crime. To get information about the best IT services in San Antonio, you can click at San Antonio IT Services By Uprite – Uprite Services.

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Here are the 4 biggest trends for innovative technology changes in the financial industry:

1. Old system aging

The dominance of cloud-based companies underlines the importance of scalability for financial companies today. Old systems are a major obstacle to business productivity, mainly due to bad data and poor system interoperability.

2. Fraud and cyber crime

With the exception of well-known breaches, it can be difficult to determine the financial level of a security incident or non-compliance. The truth, however, is that the bank has paid over $ 280 billion in fines since 2009 and sanctions have increased.

3. Business sustainability in the midst of increasing cyber threats

Corporate sustainability is an important part of any financial company's cybersecurity strategy. This is the ability to quickly react to, restore, and resume operations during a security event or other business disruption.

4. Customers expect digital firsts

Modern customers are becoming increasingly mobile, reacting to non-traditional banking and realizing how their personal data is used. They want a personalized experience and financial firms have taken that into account. A smooth customer journey is the number one trend in the consumer business – and data usage is the key.