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Yet theres still a gap between the volume of dollars spent and the value generated.
Simply stated, countless banks and insurers can do more to successfully maximize their investments.
In our view, it is because some havent truly adopted a bold, cloud-first approach.
As a result, theyre missing out on ways to fully capitalize on opportunities that deliver quantifiable dollar value.
In comparison, organizations that have gone all in are enjoying big benefits.
Today, the Brazilian neo-bank serves over 100 million active clients.
Joining their ranks doesnt require magical thinking as much as a shift in mindset.
Take JPMorgan Chase, for instance.
In 2023, it realised a year-over-year increase of 35 percent in top-line value in this area.
Global Head of Cloud for Financial Services at Capgemini.
And thats where the key lies to unlocking top-line growth.
With the infusion of generative AI across the financial sector, banks and insurers are changing significantly.
Theyre becoming more data-driven, more cloud-focused, and exponentially morecustomercentric.
For some, that journey involves engendering a superior customer experience.
Financial institutions are blessed with troves of client data.
Everything is connected, or ought to be, when data is used efficiently and effectively in the cloud.
And theres power in partnerships.
This is particularly true with global cybercrime on the increase and evolving regulatory requirements and legislation.
In this world of open finance, we can anticipate more Nubanks entering the fray.
A true competitive advantage.
Once again, mindset is the key.
Exciting opportunities for innovation are constantly on the horizon, especially when leaders are willing to challenge conventional thinking.
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The views expressed here are those of the author and are not necessarily those of TechRadarPro or Future plc.
