The financial sector is perhaps the sector best geared, both culturally and organizationally, to embrace the possibilities of digitalization. But the digital nature of the sector also fosters fierce competition.
Digitalization has hit the financial sector right in the solar plexus. The degree of self service in the sector is second to none, and customers have really embraced the digital opportunities to serve themselves. Whether being a bank, a pension fund, or an insurance company, you are deeply dependent on the ability to offer your customers unique digital user experiences.
Consequently, the pace of change is extremely fast. The financial sector is perhaps the sector that implements digital transformation at the greatest speed. Across the various industries that make up the sector, there is a huge need for agility in both infrastructure and organizational processes to ensure the rapid conversion needed to deliver short release cycles on digital products.
Agility, speed, and competitiveness go hand in hand. Digitalization has paved the way for fintech companies and startups to emerge from nowhere and challenge even the most experienced players in the market by offering new business models. This is one of the reasons why it is necessary to let go of legacy IT – which large financial companies in particular tend to carry around – in order to keep up. Another reason is that cost efficiency is also high on the agenda in the financial sector. Improving efficiency through process optimization is crucial if you want to stay competitive. And your IT setup should support such developments, not slow down progress.
Regulatory roots guarantee high safety and compliance
Financial companies operate in one of the most heavily regulated sectors, subject to new regulations and compliance requirements every day. It places great demand on both safety and compliance. When storing sensitive data, it is crucial that your IT setup meets all applicable requirements. There can be no lapses in security.
NNIT's roots in the pharma industry means that we understand the regulated environment better than anyone else. We know what it takes to run a business in a highly regulated sector – and we know what those regulations demand of your IT setup.
We draw on that experience as we help clients in the financial sector to create IT environments that are not only configured to match industry requirements but designed to support and strengthen their businesses.
Read more about our security and compliance solutions here.
The financial sector's journey to the Cloud
Cloud services have matured at an extreme pace, and the cloud no longer represents the new tomorrow in the financial sector. It is highly relevant, but while other sectors are far ahead on their Cloud journeys, the regulatory requirements mean that financial companies are facing a steep learning curve when it comes to grasping the opportunities of the cloud.
However, the digital nature of the financial sector makes it very IT mature. So, once the regulatory hurdles are overcome, things move fast. The strong IT foundation means that the companies in the sector, both organizationally and culturally, are in many ways among the ones with the highest level of cloud-readiness.
We at NNIT are ready to help finding the right mix between cloud and on-premise solutions. Hybrid Cloud is the careful balance of utilizing the opportunities of cloud while still maintaining the on-premise infrastructure that makes sense for your business. We have helped a myriad of companies across industries in highly regulated sectors finding this balance – and we are ready to help your organization as well.
Read more about our Hybrid Cloud approach here.