Contact Us
Digital Transformation in Finance

Digital Transformation in Finance: Why You Can’t Afford to Ignore It

For followers of technology news, it seems like every day brings a new advance in artificial intelligence or IoT or any number of other areas. Many industries are quick to pick up these innovations and run with them in an effort to solve revenue challenges or cut operating expenses. Financial services, however, is not typically such an early adopter.

Many firms grapple with decades of legacy data stored in dozens of disparate systems. Thus, digital transformation in finance may seem like a challenge. Time is growing short for banks, insurers, and others in the sector that haven’t yet made the move to digital.

The Struggle for Security

In keeping with the trend of recent years, data thieves and hackers were able to score a number of high-profile hits in 2017. Firms such as Verifone, Dun & Bradstreet, Equifax, even the SEC have all reported theft of data in the past year. The result of this will be a continuing stream of new and stricter privacy and security regulations, coming from both internal and external sources.

An external example is the EU’s General Data Protection Regulation (GDPR), a stringent new set of regulations that will apply to any enterprise doing business with EU citizens. By most current accounts, many organizations are woefully underprepared for the additional strain these new regulations will put on their data infrastructure and will need to take strong steps to develop and implement effective compliance programs — and quickly.

Internal security efforts will also be on the rise, as the bottom-line impact of data breaches grows. A number of financial services companies are investigating blockchain technology as a means to securely transfer information while depriving data thieves of the sizable targets that on-site data warehouses or cloud-based storage often provide. Although still very much at the experimental stage, the technology does hold promise, provided some of its more thorny problems can be resolved.

IoT, Artificial Intelligence, and Improving Customer Experience

The dawning of the Age of the Smartphone has brought with it a host of new challenges for banks and other financial services companies, as well new opportunities. By combining the features of the typical smartphone — geolocation, camera, touchscreen biometrics — with advanced analytics, institutions can streamline common processes and provide up-sell or cross-sell offers in real time, increasing revenue and cementing the customer relationship.

However, most organizations are slow to develop such solutions as their in-house analytics and data science teams are often overloaded with day-to-day tasks. As a result, outside resources are required. So, many organisations partner with trusted third-party vendors to build up smart development teams.

In either case, innovation with analytics needs to be a top priority for financial services companies. ELEKS can help your business adopt digital transformation and remain relevant in this age of digital disruption. Contact us now!

Have a question?
Speak to an expert
app development
Explore our application development services
Contact Us
  • We need your name to know how to address you
  • We need your phone number to reach you with response to your request
  • We need your country of business to know from what office to contact you
  • We need your company name to know your background and how we can use our experience to help you
  • Accepted file types: jpg, gif, png, pdf, doc, docx, xls, xlsx, ppt, pptx, Max. file size: 10 MB.
(jpg, gif, png, pdf, doc, docx, xls, xlsx, ppt, pptx, PNG)

We will add your info to our CRM for contacting you regarding your request. For more info please consult our privacy policy
  • This field is for validation purposes and should be left unchanged.

The breadth of knowledge and understanding that ELEKS has within its walls allows us to leverage that expertise to make superior deliverables for our customers. When you work with ELEKS, you are working with the top 1% of the aptitude and engineering excellence of the whole country.

sam fleming
Sam Fleming
President, Fleming-AOD

Right from the start, we really liked ELEKS’ commitment and engagement. They came to us with their best people to try to understand our context, our business idea, and developed the first prototype with us. They were very professional and very customer oriented. I think, without ELEKS it probably would not have been possible to have such a successful product in such a short period of time.

Caroline Aumeran
Caroline Aumeran
Head of Product Development, appygas

ELEKS has been involved in the development of a number of our consumer-facing websites and mobile applications that allow our customers to easily track their shipments, get the information they need as well as stay in touch with us. We’ve appreciated the level of ELEKS’ expertise, responsiveness and attention to details.

Samer Awajan
Samer Awajan
CTO, Aramex