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5 Tech Essentials to Boost Efficiency in Financial Services

5 Tech Essentials to Boost Efficiency in Financial Services

Cloud-powered solutions can improve productivity in a handful of ways:

  • By moving infrastructure to the cloud, IT teams no longer have to manage physical hardware, allowing them to allocate more time to strategic IT initiatives that enhance business operations and increase overall organizational efficiency.
  • Cloud providers handle maintenance and updates of essential systems so employees can work with fewer interruptions.
  • A united workflow for accessing applications and servers creates “a frictionless experience to your employees, so that they can go about achieving the next great leap in productivity,” VMware CEO Raghu Raghuram said in a keynote address.
  • Cloud platforms can streamline compliance checks, reducing the time that employees spend on daily tasks.
  • Cloud-based tools make it easy for teams to collaborate internally on projects and across departments.

Consider this use case: Because of its ability to scale up and down based on demand, enable omnichannel communication (via phone, email, text or chatbot), and reduce IT downtime, the cloud has revolutionized contact centers.

RELATED: The financial solutions and services that can improve the customer experience.

5. Mobile and Online Banking Tools: Empowering Employees

Digital tools are integral to today’s financial services, meeting the demands of customers for easy access to their accounts as well as the needs of employees, allowing them to engage with customers and manage accounts more effectively.

Jerone Abueva, a director of B2B mobility sales and business development at Samsung, writes that banks are behind the curve in adopting mobile tools for employees. She cites a sponsored study about modernization in banking and insurance that reveals banks are providing employees mainly with laptops and desktop computers, “two solutions actually limiting employee mobility within branches.”

“A better employee experience means a better customer experience,” she explains. “To accomplish this, banks must untether their employees and invest in flexible digital tools that boost their productivity.”

Abueva continues: “Technology that can move with employees, such as tablets, mobile devices and smart watches, can help put the right information at their fingertips to address customer needs promptly. … Digital tools enhance productivity and efficiency, enabling branch employees to serve more clients effectively.”

When discussing the benefits of mobile tech for employees, The Financial Brand co-publisher Jim Marous writes that it keeps employees connected, leading to greater work-life balance and higher productivity.

“Simplicity for employees, IT staff and customers will be the key to success” for financial services organizations, Marous writes. “Enabling increased productivity by providing new mobile resources has become a priority as work from everywhere is the new normal.”

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