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6 Steps Financial Services Should Take for Digital Transformation

6 Steps Financial Services Should Take for Digital Transformation

Hi! My name is Josh.

As a financial professional, I understand the need for financial institutions to undergo a digital transformation. Since overhauling technology and adjusting business processes can be much more difficult than some financial services companies originally believe, here are six steps you should follow as you begin your digital transformation journey to ensure its success.

Build for Competitive Advantage

For your financial institution to remain competitive, it’s essential to have rapid, customer-centric innovation. To achieve this, your architecture must be able to scale dynamically, withstand failures, adapt quickly, and connect to a wide variety of devices, data, and systems.

Exploit the Cloud for Continuous Delivery

Since most application delivery systems result in complexity growth over time, with slow manual testing, quarterly release cycles and outages resulting in poor Mean-to-time-Resolution, it’s essential that your DevOps team begin considering a container-based application platform that seeks to decrease complexity by isolating applications from the underlying infrastructure and offers minimal configuration and management time.

Use APIs to Your Advantage

Modern API strategies take advantage of the mobile, cloud, and social technologies that make it easier for customers to conduct business with you. For your open banking system to work effectively, it’s important that you have proper API management in place.

Establish Open Identity

Customers today need access to a wide range of digital solutions delivered by multiple solution providers through digital channels. By establishing open identity standards, you enable applications to access APIs in an organized fashion.

Adopt DevOps as a Tool to Transform Your IT Department

Adopting a DevOps approach is a crucial step in the transformation process because it means opening your company culture to experimentation, automating redundant, repetitive tasks, and adopting the right platform that allows you to best take advantage of DevOps cultural and process changes.

Use Micro-Services to Re-Architect Existing Apps and Develop New Projects

While there is no single runtime, platform, or framework that is the best for micro-services, if you are using a single runtime, technology, or framework for your micro-service development, it may be wise to start looking at other runtimes, technologies, and frameworks and select the one that is the best fit for the problem you are trying to solve.

A successful digital transformation requires the rapid adoption of new technologies, the embrace of new methods of working, and a commitment to innovation. If your financial institution is undergoing a digital transformation, keep these six steps in mind to ensure the success of your journey.

If you want to learn more steps financial services should take for digital transformation, click the link below for more information.


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