The financial services industry is undergoing a rapid digital transformation, with customers demanding more personalized experiences and instant access to financial services with full mobile capabilities. To meet these demands, financial services need full 360° access to their customers' data to deliver relevant content at the right time and even predict future needs. They also need security and privacy measures in place to stop threat actors - who are constantly looking for ways to exploit vulnerabilities.
To address these challenges, financial services need to leverage geo-distribution and real-time technology.
Anywhere and anytime access
In today's fast-paced world, customers expect to have full mobile capabilities, allowing them to access financial services anywhere and anytime. The technology exists for financial services to offer full mobile capabilities, including check processing, instant loan approvals with real-time data analytics, and credit card offers at the edge. This allows financial services to provide a full omnichannel experience, reducing redundancies and overall costs while making customers feel like they are receiving white glove service.
Full 360° customer view
By using API solutions, financial services can gain a full 360° view of their customers across data locations, analyzing behavior patterns to generate real-time next best offers. This approach allows financial services to deliver personalized content and offers, reducing churn and increasing customer satisfaction. It also helps financial services identify areas of their operations that show risk and what areas perform well or need improvement.
Edge analytics and aggregations
Edge analytics is a powerful tool for financial services looking to leverage the benefits of real-time data analysis while minimizing latency and optimizing resource usage. By processing data closer to the source, edge analytics can provide real-time insights and enable faster decision-making.
Aggregating data with real-time analytics and reporting allows financial services to make the most of their customer data, alerting them to customer service demands, trending threats, and what products match key personas. This approach helps financial services identify areas of their operations that show risk and what areas perform well or need improvement.
Enhanced Data Protection
Mobile applications can leave financial information at greater risk as hackers look for the fastest security breaches. Catching fraud in the act or even before it occurs with real-time per-event fraud detection can minimize losses and future risk. Low latency, real-time analytics at the edge provides valuable milliseconds to thwart fraudulent transactions and prevent new ones from occurring.
Advanced Data Compliance
Compliance is a critical concern for financial services, especially when it comes to data. Financial services can ensure compliance across regions by providing compliance features that allow them to easily adhere to regional regulations and keep data separate. Financial services need to ensure that data is stored and transmitted in compliance with regional laws and regulations, reducing the risk of fines or other penalties.
In conclusion, the financial services industry needs to leverage modern edge technology to enhance data protection, offer low-latency digital banking, and real-time fraud detection, and deliver a personalized omnichannel experience. By leveraging real-time analytics, financial services can gain valuable insights into market trends, customer behavior patterns, and operational performance.