The Edge Advantage for Financial Services

In today's fiercely competitive financial services landscape, banks constantly face the challenge of emerging savings apps and internet banking platforms that can attract potential customers or even lure them away. To thrive in this digital age, it is essential for finance companies to keep a pulse on their customers' needs, promote different lines of business and next best offers (NBOs) at the right time, and provide a white-glove “lobby experience” at every touchpoint.

A recent McKinsey article indicated that “While traditional banks have been convenient one-stop shops, many haven’t evolved their products in a way that matches the tech-driven pace of change in other industries.”

This blog explores why a hyper-distributed cloud solution, at the edge of the network, is key to a finance company's success by enabling super-responsive apps, instant analytics, real-time promotions, enhanced fraud detection, and future innovations.

Real-time analytics derived from a sea of data

Banks today integrate with a wide array of systems, including credit systems, lending companies, fraud detection systems, and more. In the digital realm, where users spend mere seconds to minutes on apps, milliseconds can make a significant difference when it comes to marketing and engagement. Therefore, it is crucial for banks to have synchronized and up-to-date systems that can process and analyze vast amounts of data quickly. A hyper-distributed cloud solution, powered by a data mesh approach, can support seamless integrations through secure and fast APIs and connectors. By leveraging this approach, finance companies can gain a 360° view of each customer, enabling them to apply predictive analytics and extract key insights for personalized customer experiences.

Super fast and safe transactions anywhere

Customers expect quick access to cash through various channels, such as ATMs and mobile payment apps. However, finance companies must also prioritize security and ensure promotions are applied at the right time. By leveraging the power of the edge, financial institutions can conduct fast analysis to assess credit risks and provide the most relevant offers from credit cards and loans to high-yield accounts to their customers. Furthermore, using secure peer-to-peer messaging with an edge infrastructure protects both data and cash transactions. Additionally, by avoiding reliance on a centralized cloud, finance companies can maintain optimal response times, ensuring that their apps remain fast and responsive even during peak usage periods. A few examples would be paydays, back-to-school shopping, or checks clearing during the busiest days of tax season.

Drive up your Lighthouse score

In this post-pandemic digital era, a finance company's website - from a mobile device or computer - play a crucial role in attracting and retaining customers. The performance of a website directly impacts the user experience, customer satisfaction, and overall success of the business. By leveraging a hyper-distributed cloud solution, finance companies can significantly enhance website performance. The edge advantage enables accelerated page load times, seamless cross-device responsiveness, high availability and reliability, optimized security, and continuous performance monitoring and optimization. Embracing these advancements allows finance companies to provide customers with a fast, secure, and user-friendly website experience, reinforcing their competitive advantage in the digital realm. Try this assessment today to see ways you can improve your site’s performance.

Know your customer and stop fraud

Financial services operate under strict data privacy and safety regulations. The abundance of data and money trails in the digital landscape makes it an enticing target for fraud actors. To safeguard their reputation and prevent financial losses, finance companies must prioritize knowing their customers and keeping unauthorized individuals out. The edge advantage offers enhanced fraud detection capabilities, allowing financial institutions to detect potential fraudulent activities in real time. Additionally, employing data protection techniques such as vaulting and geopinning adds an extra layer of safety to sensitive data and helps meet regulatory requirements.

Differentiate products with real-time customer insights

Banks face competition from so many different payment or finance options today from eCommerce and tech giants, however they are sitting on a wealth of information. Transactions are algorithmic clues to life changes and personal preferences. Apply machine learning and predictive analytics to not only respond and proactively reach out to customers in real time but plan for future innovations. What exciting offerings or partnerships will help you become the financier of choice for Generation X, Y, Z, and Alpha? Determine if you are targeting your most profitable customers and how you can carve out your niche to leave competitors behind. That is the real power of real-time data and where the true gold lies.

Conclusion

In today's high-inflation and volatile economic times, finance companies cannot afford to spend precious time creating customized systems from scratch. Instead, leveraging ready-to-go solutions built by experts on a hyper-distributed cloud infrastructure provides fast insights anywhere in the world. With Macrometa’s Financial Services Solutions, finance companies can make informed decisions, maintain fast and secure transactions, and safeguard customer data. By using real-time insights to drive innovations, leveraging existing investments, and only sending data where it needs to go for further safety, finance companies can gain a competitive advantage. Embrace the power of Macrometa’s hyper distributed cloud and be well-prepared for upcoming events such as holiday shopping, the next real estate boom, and the next-gen financial trends. Chat with a financial services solution expert to get started today.

Photo by Towfiqu barbhuiya on Unsplash