This article was originally published by Colombian Association of System Engineers (ACIS) in November 2021.
- It is estimated that by 2022 almost 75% of companies in Latin America will switch to a cloud-centric infrastructure, according to the Access Partnership.
- According to the IDC firm, global investment in Artificial Intelligence will go from $ 85.3 billion in 2021 to $ 204 billion in 2025.
Colombia, November 2021 – The health crisis caused by COVID-19 radically accelerated the adoption of the technology in all economic sectors. The rise of new business models and the migration to a digital ecosystem radically transformed expectations for business development and gave rise to a new competitive landscape.
In the case of the banking sector, according to a study by Americas Market Intelligence (AMI), online financial services are no longer enough to satisfy today’s Latin American consumer, who demands a quick response from banking applications and the management of improved functionalities. for access to non-traditional services, so that a consistent and personalized digital financial experience is lived from start to finish.
Based on this paradigm, Sophos Solutions -the Colombian multinational provider of IT services for financial institutions- highlights the trends forecast for the financial sector in 2022 in the region:
The rise of work at home allowed the traditional computer systems of financial institutions to make a leap towards cloud services. According to the report by the global consultancy Access Partnership, The Future of Finance: Adoption of the Cloud in Latin America , financial institutions that use cloud services have achieved a 40% increase in the work efficiency of their employees; It is estimated that by 2022 approximately 75% of Latin American companies will migrate to a cloud-centric infrastructure, and that the applications currently available there will be adopted by the public with exceptional speed.
Culture based on experience
Having a customer-oriented mindset is crucial to maximizing the potential of a finance company and its digital products. Thinking about the needs and expectations of users for the development of both their products and services and their operational and creative processes -basic definitions of UX services- is essential. For example, the monitoring of social networks and the integration of functionalities focused on user service within banking platforms are useful resources to analyze data and improve agility.
According to the global consultancy Gartner, a more ” intelligent, responsible and scalable” artificial intelligence (AI) will allow better learning algorithms, interpretable systems and a shorter time to obtain value. Financial institutions recognize the value of these skills, in fact, according to IDC, global investment in AI will go from $ 85.3 billion in 2021 to $ 204 billion in 2025, representing a compound annual growth rate of 24.5 %.
Banking solutions as a service
As institutions will focus on implementing customer experience-centric strategies, innovation processes will take place in the background by interconnected technology providers. Business support specialized in the implementation of Core , software development and the enablement of migration processes to the cloud, will be key to greater adaptation and adoption of infrastructures for financial services ecosystems.
Today there are alternatives such as Bank4Us , which seek for financial service providers to regain focus on the business, through specialized support that solves problems and reduces operating costs. In this way, innovation processes around credit platforms or other application software integration services (API) are streamlined, in addition to establishing more user-friendly parameterization and integration tools.
“Today the business ecosystem needs to amplify its initiatives, through enabling technologies that generate greater growth opportunities and accelerate business productivity. According to projections from the IDC consultancy, by 2025, 60% of companies will capitalize on an automation approach, based on centers of excellence (COE) and low-code or no-code platforms ”, said Raúl Zarate, commercial vice president of Sophos Solutions. “At Sophos Solutions we develop customized solutions for each client in order to offer a profitable and functional model that adapts to a constantly evolving technological ecosystem.”
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