The banking cloud brings together the leading banking solutions, a cutting-edge innovation sandbox and a robust financial market. Powered by an agile, manage-it-all AI engine, banks can instantly provision and scale a variety of banking applications instantly, virtually eliminating the need for IT personnel. Banks today have the ability to self-provision secure, always-online banking applications and more rapidly and effectively cut costs while dramatically decreasing the expense of daily operational functions.
Banking cloud solutions also bring significant benefits to customers. Instant application adoption reduces the time to market for new services. Customer requirements can be more accurately predicted, and changes in banking need not delay or jeopardize applications. Software lifecycles can be extended and customer data more easily shared. Additionally, fast and easy deployment of software across multiple locations, the ability to consolidate customer data across multiple locations , and the ability to make complete business decisions with real-time information are all additional benefits.
However, the benefits of banking Cloud should not only be limited to the financial sector. Consumer companies that rely on e-commerce solutions and other web-based applications should consider investing in a CRM offering as well. CRM software offers a powerful way to build customer loyalty, and gain competitive advantage. While financial organizations have long had the ability to provide financial services to clients, recent trends have shown a marked reduction in the number of clients that are satisfied with their financial health.
For banks and other financial organizations, the benefits of implementing CRM software go beyond customer satisfaction and increased profitability. CRM adoption has also proven to reduce operating expenses. The amount of time that is saved by using a hosted CRM system can significantly reduce operational costs. In addition, a hosted system reduces maintenance expenses as well. Furthermore, the reduced management overhead associated with cloud adoption has led many banks to significantly reduce their capital expenditures. While this is an investment for the future, banks are already seeing positive results.
As banks continue to evaluate their cloud choices, they should also evaluate whether they should be migrating their public CRM systems to a hosted bank or private cloud. Both options provide a strong solution to banks and other financial organizations while reducing operating expenses, reducing IT costs, and increasing profitability. However, banks should focus their attention on which option provides the greatest return on investment.