Senior management at financial services institutions (FSIs) very often view the cloud as a means for upgrading their information technology (IT). That perspective is true enough, but it’s like kicking the tires of a Ferrari when you’re looking for basic transportation. It misses the bigger picture.

The Italian sports car is designed to provide the ultimate driving experience. In delivering that, it also will get you from point A to point B.

The power and elegance of the cloud—adopted properly—is that it is a business solution that can make an organization far more agile. We have seen that consumers in today’s digital world increasingly are giving their business to companies that are experience-centric rather than product-centric. An agile organization can deliver a far superior customer experience more quickly, cost-effectively and securely than if it continued to be mired in the old ways of conducting business. Critically, the cloud allows an organization to scale up quickly to provide the experience consumers demand and expect, which often means integrating other companies’ products or services into the organization’s offerings.

In this blog series, I’ll focus on the cloud’s potential positive impact on not only FSIs’ ability to differentiate themselves but also on:

  • Cost take-out
  • Security
  • M&As
  • Talent

All of this provides an organization a significant edge in differentiating itself from its competitors. For retail banks, investment banks or wealth management firms,this journey to the cloud should translate to sustainable growth, increased profitability and market leadership—as well as that IT upgrade.

As a result, Accenture foresees the cloud changing the financial services industry with the next few years. Chief executive officers and chief financial officers at FSIs can accept that or watch the parade pass them by.

Next time:  Differentiation.

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