Big Data and Cloud Computing, the keys to banking digital transformation
Posted: Tue Jan 21, 2025 10:40 am
Banks are working on new digital transformation strategies by creating alliances with technology companies to take advantage of the benefits of cloud computing.
Technological innovation is driving the digital transformation of banking . The Fintech sector , made up of a group of traditional companies that are digitally transformed, as well as other Internet-based companies that offer services taking advantage of Big Data and cloud computing, is revolutionizing the market.
Digital products and services focused on the financial and banking sector continue to appear and are quickly adopted by customers, which in turn causes users' habits to change, using different channels to approach banking.
As a result, the traditional financial sector is working on new digital banking transformation strategies that must take into account customers, channels, platforms, as well as the organization itself and its staff . In addition, this requires creating alliances with purely technological companies that allow them to take advantage of the benefits of big data and cloud computing to quickly and effectively enter the Fintech sector .
New call to action
Advantages of Big Data and Cloud Computing for Banking
The financial sector is changing, as demonstrated by every gcash database brought by the digital transformation of banking. But, in addition to the opportunities available, there are previously unknown challenges, which must be overcome by using three capabilities:
Greater visibility.
An improvement in process automation.
Greater efficiency in operations.
The characteristics of big data and cloud computing facilitate the possibility of offering IT services with high scalability and flexibility . This is a key element for transforming the value chain of banking services and naturally integrating digital channels through an agile, efficient and flexible IT framework.
In addition to the possibility of cost optimization, cloud computing is characterized by a flexibility that facilitates the implementation of new financial business models , which is a fundamental need in the ongoing process of banking digital transformation . It is an approach based on the possibility of managing investments in accordance with the evolution of the business and its digital transformation, without having to reserve capacities in advance.
In countries other than Spain, BPaaS services are already being offered to banks with great efficiency , agile adaptation to existing regulations and the possibility of offering billing based on the volume of accounts and transactions.
Technological innovation is driving the digital transformation of banking . The Fintech sector , made up of a group of traditional companies that are digitally transformed, as well as other Internet-based companies that offer services taking advantage of Big Data and cloud computing, is revolutionizing the market.
Digital products and services focused on the financial and banking sector continue to appear and are quickly adopted by customers, which in turn causes users' habits to change, using different channels to approach banking.
As a result, the traditional financial sector is working on new digital banking transformation strategies that must take into account customers, channels, platforms, as well as the organization itself and its staff . In addition, this requires creating alliances with purely technological companies that allow them to take advantage of the benefits of big data and cloud computing to quickly and effectively enter the Fintech sector .
New call to action
Advantages of Big Data and Cloud Computing for Banking
The financial sector is changing, as demonstrated by every gcash database brought by the digital transformation of banking. But, in addition to the opportunities available, there are previously unknown challenges, which must be overcome by using three capabilities:
Greater visibility.
An improvement in process automation.
Greater efficiency in operations.
The characteristics of big data and cloud computing facilitate the possibility of offering IT services with high scalability and flexibility . This is a key element for transforming the value chain of banking services and naturally integrating digital channels through an agile, efficient and flexible IT framework.
In addition to the possibility of cost optimization, cloud computing is characterized by a flexibility that facilitates the implementation of new financial business models , which is a fundamental need in the ongoing process of banking digital transformation . It is an approach based on the possibility of managing investments in accordance with the evolution of the business and its digital transformation, without having to reserve capacities in advance.
In countries other than Spain, BPaaS services are already being offered to banks with great efficiency , agile adaptation to existing regulations and the possibility of offering billing based on the volume of accounts and transactions.