At the end of 2015, an article about the future of banking at thenextweb.com raised the question “What will the bank of the future be like?”, And the response was emphatic and unambiguous: “It will become an IT company or it will leave to exist. ”
The fact that we are living today, is that the penetration of Internet and mobile telephony has profoundly transformed the habits and preferences of financial services consumers, increasingly accustomed to interacting through digital media to share information about themselves, relate, buy online or access new services.
This digital transformation has also been a great showcase where consumers can compare all types of financial products and services and share their experiences as customers in different ways. To the extent that more consumers have adapted to digital interactions, they are also demanding financial services that are accessible at any time and place, and that are as simple to use as social networks.
This has created a new competitive environment with start-ups of high technological component that have broken into the financial sector taking advantage of the existing gap between the new demands of customers and services, sometimes obsolete as depicted in the Harry Potter fiction film with Gringotts Bank the bank of magicians, a metaphor for what traditional banks offer, burdened by the weight of their regulation, structure and corporate culture.
These new competitors, known as “fintech” companies, unbundle the banks’ value chain by specializing in its different components: payments, currency exchange, credit, access to capital markets, financial advice, etc. Given the profound changes in the demand for financial services, banks are responding to the challenge of digitalization with different approaches and at different speeds, since not all companies understand the same meaning of transforming themselves to be a digital bank.
The banks are struggling to excel both in the digital preparation and in the customer experience as reflected in the Avoka study that differentiates in its research different types of banks based on the effort a customer has to make in order to open an online deposit.
Now, with the digitalisation of banking, the old infrastructures are being pushed to their limits and the new digital competence accelerates the changes to new business models supported by the financial datacentres.
Regardless of the path taken by financial service providers, they must address the challenge of the proper datacentre infrastructures management, on which all present and future financial services are supported.
In an ideal scenario, all companies could simply start over, but doing so is not realistic, whereas modernization can be achieved gradually with a well-defined management model change strategy.
While it is understood that the two vectors that govern the Datacentre can be availability and costs … in the case of banking, as in many other markets, the services delivery time is even more critical. We are in a moment in which the difference of days or hours for the start-up of a new product, supposes to the company a competitive advantage or disadvantage directly. ” Who gives first, gives twice”.
Bjumper is helping various companies in the financial environment to define this strategy with the application of the datacentre management model, DCSO (Datacentre Service Optimization), based on the application of Management Technologies such as DCiM, Processes around these technologies as the standard UNE-EN 50600 and the people of the organization responsible for implementing the model.
The DCSO model has its key in the Optimization of the Services Delivery that host the Financial Datacentres and therefore the improvement in competitiveness that will help the banking sector in the way of Digital Transformation.
Ivan González, Presales Manager Bjumper
- Digitaler Vertrieb in Banken – Status Quo – AVOKA 2017 Anual Report.
- State-of-Digital-Sales-in-Banking- AVOKA 2017 Anual Report.
- Forrester Fred Giron Banktech 2016 Singapore.
- Observatorio Economía Digital – BBVA Research.
- El nivel de madurez digital del Sector Financiero en España – KPMG 2017