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New types of business, great opportunity: Financial services

More motivated than ever, corporations in all industries are ready to cut back on non-refundable costs. It is therefore not surprising that respondents are highlighting computer services – all of which look great – as a priority in their 2021 plans. Among financial institutions, 62% are looking to improve technology, and another 62% expect to move IT and jobs. business in the cloud, compared with 46% in industry. In a recent report, Nucleus Research found that cloud dispatch offers multiple refunds as is the case on site.

Preparation for further epidemics

The Guardian Life Insurance Company of America is an example of a progressive cloud recipient — now moving large sums of money into the cloud. The insurer was encouraged to do so – internal research found several opportunities, including inadequate data management, the need for better data for better analytics, the lack of integrated systems, and the difficulty of manual integration. “These shocks have helped to create the need for a new system,” said Marcel Esqueu, vice-president of the Guardian’s economic reform program. “We looked at moving to the cloud about five years ago, but we didn’t think they were ready.” Now the company sees the cloud services as mature enough to support future operations.

Financial institutions are also looking at mergers and acquisitions as a way to further the epidemic’s survival. Instead, according to a Reuters report, such contributions rose by 80% in July, August, and September 2020 from the previous quarter to reach $ 1 trillion in sales. In a survey by MIT Technology Review Insights, 41% of financial offices report that their organizations have done business mergers or acquisitions or acquired or will operate next year.

“People are realizing that they need to work together to create strong and resilient businesses to tackle what the world seems to be moving forward,” said Alison Harding-Jones, executive director at Citigroup, in a Reuters report.

Integration with acquisition has already become a way for the organization to grow its large business — or to acquire emerging technology expertise. For example, while many financial institutions are purchasing business-based artificial intelligence (AI) software, Mastercard acquired a Canadian testing company called Brighterion in 2017 to provide “critical information on every task,” says Gautam Aggarwal, CTO’s chief technology officer at Mastercard Asia -Pacific. The company used Brighterion technology to detect fraud but is now using it for debt repayment, undercover fraud, and corporate advertising. “We have taken Brighterion and we have used it not only to pay for it but also beyond,” says Aggarwal.

Business transformation, external and internal

Of course, organizations need to innovate and respond quickly to survive economically. In this study, 81% of organizations in all industries are looking at new types of businesses by 2020 or are planning to start next year. Among financial institutions, customer service is paramount, with 55% claiming to control what they offer their customers, compared to 35% in all industries.

This is true of Jimmy Ng, head of corporate media (CIO) at Singapore-DBS Bank. When the physical branches are closed during the closing period, DBS customers – like other bank employees around the world – have their online banking. But some of them did just that. “The question is whether this group of people will continue to use digital means.” That’s why DBS is exploring ways to keep customers interested in serving others, exploring technologies as a more realistic and transparent reality with the 5G network, which facilitates high-speed connectivity. “How do we manage our customers to enjoy this long-distance communication?”

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This was created by Insights, the hand of material contained in the MIT Technology Review. It was not written by the authors of the MIT Technology Review.

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