Digital Transformation in the Financial Sector

More and more companies become interested in transferring their resources and parts of their processes to the cloud. We observe a progressive transition from the traditional on premise model, which requires from a company to take on the responsibility of keeping and maintaining the servers. The office packages offered in the cloud are gaining popularity and the digital transformation is often seen as a condition for further development of the company. The archaic tools are being replaced with the solutions provided by the SaaS model (that is Software as a Service).

The need for change

According to statistics presented The Economist, for 77% of the companies carrying out the process of digital transformation is regarded as a strategic priority for 2016. Most of them (82%) have also created within their management a position of a leader, who is responsible for overseeing the process of introducing the changes. It is difficult, however, to clearly state who should be assigned with this duty because, depending on how the managerial structure is designed, the task can be entrusted to not only CEOs, but also to marketing, finance or IT managers.

The companies from the financial industry point out the need to invest in digital solutions and are aware of their impact on business. What really counts for them is gaining a significant competitive advantage. As a priority for digital investment in 2016 those companies indicate improving customer experience and the organizational agility. The key to success is, among other things, to prepare a business and investment plan. Through the use of digital solutions CFOs have access to all the data, enabling them to model and create forecasts and plans.

Digital transformation in the financial sector

Digital transformation in the financial sector – the benefits of the cloud

What are the reasons behind the decision of the companies from the financial industry to move to the cloud-based CRM systems? The ones choosing to invest are mainly driven by the assumption of increased mobility offered to their employees (like access to all the apps from different places and from any device). They expect to have a greater insight into the needs of their customers as well. Surveys were conducted to investigate the activities of such organizations and employees themselves have expressed a strong need for change. When asked about their opinion on the tools they used previously, they had described them as inefficient and outdated. Due to this fact, the organizations often decide to implement a completely new platform such as Microsoft Dynamics 365. The process is simply less time-consuming. It is also a more effective approach than adapting the previously used tools to the new needs and requirements of both employees and customers. Some financial companies emphasize that their further development without the use of new solutions is almost impossible. The main benefits cited by users of Dynamics 365 are primarily the increase in the efficiency of the operations, the 360 degree view of the organization and the needs of its customers. The achieved increase in customers’ satisfaction is invaluable. Moreover, the data are stored in a central database, what facilitates an immediate extraction of information needed in order to conduct, for example, an extensive business analysis or preparation of reports.

Digital transformation in the financial sector
Digital transformation in the financial sector