By Gabriel Schild, Executive Director Digital Business Transformation at Verizon
Today, the demand for evolution in financial services is constantly on the reach new highs. This demand stems not just from today's digital consumer by having an insatiable appetite for a better quality and agile customer experience from digital banking services; but, also in the needs of the business community.
Stringent financial regulations, fierce market competition from new Fintechs, and the need to infuse new technology into business practices and services are transforming the financial services sector with techniques never seen before. It's an era of customer experience (or CX) transformation and something that requires thinking about a financial services organization being an “adaptive enterprise.”
Fundamentally, an adaptive enterprise is a that continuously evolves, incorporating not only the latest and greatest technologies that empower customer experience transformation; but, also predicting the near future needs of the financial institution and customers they serve.
It's logical then the network infrastructure which powers an adaptive enterprise ought to be adaptable.
The adaptive network
So what kind of networking technology can adjust to rapidly changing conditions?
Software-defined networks which are designed to manage the application layer and control the flow of information based on data type and performance, are evolving, and pushing the envelope of the adaptive network's capabilities. A software-defined network is now analyse the application data in near real-time and provide logical improvements to the processing of that data.
In essence, the network is adapting to the requirements of the evolving demands for any better customer experience. Exactly what the future will bring is a network that has the ability to think for itself inside a multi-dimensional state. As such, it is able to predict the alterations necessary to evolve based not solely around the demands of the network, but also on the demands of the consumer for any better customer experience. This networking evolution represents an industry sea change.
In the second thing about this blog I'll look at how use of vast quantities of data is helping tailor digital banking services to enhance the customer experience and what increasing transformation method for the future of cybersecurity in financial services.