The past several years have brought seismic changes to the banking and payments industries. COVID-19 forced organisations to transact with customers in a different way and amplified the importance of data in delivering more immediate and personalised services to customers. Digital services have transformed how consumers engage with businesses—and in turn, required those businesses to invest in hyper-personalised digital experiences to attract, retain, and grow those customers.
At the same time, changing demographics are playing an outsized role in the banking space. According to research and consulting firm Cerulli Associates, $84.4 trillion of assets will transfer from baby boomers and older Americans to a younger, more diverse demographic through 2045. That means the accounts holding those assets are no longer guaranteed, creating opportunities (and risks) for banks serving a younger, more diverse, and digitally savvy audience.
As financial institutions increasingly embark on digital transformation journeys, they’re looking to maintain a competitive edge during tough economic times and comply with highly fragmented global regulatory standards. In order to adapt to these seismic changes, banks and payment companies have looked to modernise technology and do away with data silos by turning to cloud services.
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