Read our insights for a better understanding of the latest trends in the digital transformation market.
Banking and Finance
How Banks can reshape and challenge the present Trend?
SID Global Solutions
22 December 2022
The banks are forced to adapt to the digitization practices followed by their competitor banks and payment processing systems these days. Therefore, it is high time to reinvent the banking system with the growing competition, and it is imperative to go with the flow. A more flexible banking system will attract consumers with a better user experience and a convenient way to manage their business and personal finances. With every passing day, a new private banking UPI system is evolving and giving an easy financial transaction experience to its customers, this trend makes banks to re-think SID Global Solutions to reshape its financial system by way of adapting to a strategy that is more consumer experience centric. Our technology expertise, capability, and service-oriented approach with several banks as a digital transformation solution provider have proven outcomes and exceeded expectations in terms of ROIs.
Banks to come out of the Legacy Systems
Banks are needed to come out of the legacy working practices and try adapting to new trends by way of digitization and AI-based automated banking practices. We at SID Global Solutions provide a more advanced API-based framework to manage the banking needs and faster operations with unmatched speed and risk free, secured consumer credit and savings account management.
Shift from the traditional ways of banking practices
It might take time for all the traditional banks to shift from the manual banking practices but, with the increasing competition and the pressure for compliance from the federal and central banking authorities, the digital shift is inevitable. Therefore, SID Global Solutions help these banks by way of analysis of the banks legacy system and propose a better digitization solution to meet their customer expectations.
Compliance with the Federal Banks
The Federal and Central banks have obligatory rules set for all the standardized and private banks to comply with. The outcome of non-compliance risk is “the risk of legal or regulatory sanctions, material financial loss, or loss to the reputation of the bank may suffer as a result of its failure to comply with laws, regulations, rules. As a result, the banks have to comply with and adapt the rules set for standardizing and digitization of the banking system. Here, SID Global comes into the picture in setting up all the rules that enable the banks to digitize the banking system’s overall framework and their day-to-day operations.
Changes to the Business Model
Our capabilities as a digital transformation solutions provider enables the banks to revamp their legacy banking framework to an advanced and AI based bot model framework and this comes up with a more stable and secured banking system. Helps the banking customers to experience a more smooth and easy mobile and digital banking user experience.
Consumer Experience and Expectations
Our digital transformation capabilities have transformed several banks and financial institutions with a greater and better banking system. Our cloud-native apps worked wonders on the bank’s existing infrastructure. We have scaled the apps and smooth migration to the cloud architecture seamlessly.
Our banking system applications and mobile platform apps helped them leverage the use of AI and API-based apps to integrate with desperate consumer databases and bring together a greater consumer experience and higher satisfaction levels with their consumers. We have implemented a solution that is a Secure, Resilient, and Complaint hybrid cloud and API Platform for the Bank supporting Zero Downtime. After the cloud app implementation, the bank experienced faster Partner Onboarding and increased adoption by consumers.