How is Technology Transforming the Financial Sector with Rational Innovation?

In the past two decades, especially after the commencement of Industry 4.0, the Banking and Financial industries have witnessed enormous changes in their working procedure and service delivery. There was a time when we saw a day-to-day hustle in banks for deposits, withdrawal, Demand Drafts, Cheque Clearance, ATM Applications, Pin Generation, and many more.

Now, the time has come when everything has been granted with a process of digital enforcement. Be it money transfer, document clearance, Policy Purchase, or any other prospect; The online model has given a great deal of convenience to the banking and financial industry.


Deployment of Better Product and Services

The technology innovation with IT solutions for the banking sector enables financial institutions to deploy better products and services. Modern banking bifurcates the targeted segment with the help of technologies like machine learning and Big Data. Further, they release the offers, products, and services as per the requirement and needs of that segment. This not only improves the return on investment but also enhances customer satisfaction with a firm brand value.

Getting Automation in Work Culture and Operations

One of the most prominent attainments of IT services for the banking industry is that it brings a great deal of automation for operational success. This automated enforcement widens up the possibility and area of improvement and allows the banks and finance organization to outperform their competitors in the respective marketplace.

Data-Driven and Strategic Operations

Better is the analysis of data available in the on-premises and cloud infrastructure; more will be the data-driven and strategic approach of the operations in the finance and banking industry. Technology like Microsoft Power BI is a proven tool for getting such analytical results, eventually letting the operations to give an accurate and precise service delivery.

High Degree Collaboration and Teamwork

With Microsoft 365 solutions for banks and the financial sector, we can witness outstanding collaboration and teamwork across every touchpoint of the organization. This collaborative approach allows the banks to functionalize the workflow and improve employee satisfaction for better results and customer-driven outcomes.

Outstanding Employee and Customer Experience

Technology innovation in the banking industry has played a pivotal role in shaping the employee and customer experience of banks and financial institutions. With Microsoft solutions like Dynamic 365 Finance, organizations can now easily drive a high degree of satisfaction for their workforce and consumers.


Artificial Intelligence

The way Artificial Intelligence has scaled new heights and created an outstanding benchmark in banking and financial institution is worthy of being appreciated. Starting from risk management, detection of fraudulent activities, and building a customer-centric approach or other financial decisions, AI facilitates every execution within and beyond the banking premises.

Big Data 

Big Data is another technology that has made an astounding contribution to the success of modern banks and financial institutions. It analyses the large volumes and bulk database to fetch the productive output that could work in favor of the organization’s benefit.

Machine learning

In Machine Learning, the machines and software systems start performing with human intelligence without any external manipulation. Banking technology consulting companies widely recommend that banks and financial institutions count on this Technology for better performance and exceptional delivery.

Cloud Solution

To ensure the optimized storage of data and work on the processing, accessing, and sharing of information, cloud solutions are widely adopted by banks and financial institutions. It maintains not only good security and compliance behavior but also improves operational delivery.

Business Intelligence

Business Intelligence tool like Power BI is an asset to this sector. Banks and Financial Services are in the maximum need of a data solution and analytical approaches that would allow them to bifurcate the customers, services, locations, and operators and represent the rational metrics in a graphical, tabular, pie chart, and other forms for phenomenal enhancement of decision making capability.

Success Story of American Bank with Banking Technology!

The power of digital transformation for operational success and other benefits is not an unusual sight anymore. Global leaders and leading industries are counting on Technology and online empowerment to lubricate and enhance the expertise of their professionals.

American Bank is one such example. On February 22, 2022, the U.S bank declared a plan to release a major investment in technology modernization and application.

“It has been a dramatic time of change in the banking industry, where success is increasingly driven by technology capabilities,” said Andy Cecere, Chairman, President, and CEO of U.S. Bank. 

“Our clients expect and require extreme flexibility and a bank that is simple to navigate and capable of quickly adjusting to their evolving needs. Building on our initial investments in the cloud and with the success of our Technology and digital modernization, we gained the competence and confidence to accelerate our efforts to better serve our customers. Our cloud-first approach with Microsoft Azure will help us accomplish just that.”

“Partnering with Microsoft accelerates our pace of innovation,” said Dilip Venkatachari, U.S. Bank’s Global Chief Information & Technology Officer. 

“This transformation will allow us to increase the velocity of change, deliver new products and services much faster, and create richer, more personalized experiences. By automating many of our core engineering, security, and risk processes, this transformation will greatly improve our developer productivity and experience. Our teams will be able to work more iteratively on projects with high impact that are able to scale instantly on the elastic capabilities of cloud technology.”

So, when a global financial leader like U.S Bank is relying on technology empowerment to ensure functionality, it’s very much understandable that Microsoft 365 solutions for banks and financial services have phenomenal opportunities to improve the work culture, customer reach, and employee satisfaction. Thus, Microsoft Certified Partner would be the best choice for the Banking and Financial industries these days.

Technology Holds the Future of the Financial Industry!

Given the above discussion, we can get a clear picture that Technology is certainly the one-stop and ultimate solution for banks and financial institutions. When it comes to improving and managing operational expertise along with a clear picture of growth and sustainability, IT services for banking have a substantial role to play in it.

Every business across the globe has some sort of technology inclination to some extent, and the banking industry doesn’t carry a different notion!

Author Bio: Michael Donald is a senior technical consultant at it consulting services provider, Bitscape. He has unified experience in adding value to the existing technological architecture of various businesses. During his professional journey, he has tackled a wide range of challenges and has built the ability to work through challenging issues in any industry.

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