It’s no secret that across industries, businesses are feeling the drive to digitally transform. Approximately 89% of large enterprises have initiatives underway, choosing to move away from manual processes and towards the cloud, and even more aspire to start the process soon. However, knowing that you want and need a transformation is one thing; knowing how to go about it is another entirely.
The financial services sector deals with such a large volume of sensitive customer and organizational data, and could really benefit from transitioning to the cloud. As a web developer with knowledge of cloud technologies and the utility of big data, you play a pivotal role in not only getting your company on board with transformation but future-proofing its financial software to ensure long-term success.
In this article, we’ll break down how you can leverage your expertise to lead your financial services company through the adoption process. We’ll explore your role in driving cloud adoption, how you can set your organization up to leverage big data analytics, and how you can help craft an efficient, scalable future for your company.
Taking The Lead on Cloud Adoption
Managing change is a team sport, one that requires every member of your organization to play their part to drive adoption. As a web developer, you have a more pivotal position than most; while you may not call the plays per se, you know how to construct technological frameworks that realize leadership’s visions. You will be the expert that leadership will lean on as they attempt to navigate their transformation initiative – and as such, whether you accept or reject cloud financial services solutions carries a lot of weight.
Rejecting the cloud in favor of on-premise software can be a tempting proposition, as working with familiar programming, even if imperfect, is comfortable. However, keeping software on-premise can cause any number of issues in the long term. Tool sprawl, maintenance costs, and outmoded cybersecurity measures can pile up to make on-premise an inefficient, clunky option for your organization.
Consider the advantages of transitioning to the cloud by comparison. Cloud accounting software solutions allow members of financial services team members to collaborate even over great distances using the same platform, as opposed to in-house software, which requires users to be in a central location. Cloud accounting software also has an extensive library of management tools that facilitate auditing, financial reporting, PBC requests, and quality management practices. Cloud accounting solutions are also self-maintaining, with patching and cybersecurity measures handled by the parent company – you can always be sure your software is up-to-date.
The benefits of transitioning to cloud accounting software far outweigh the familiarity of older, on-premise systems; while the initial lift may seem heavy, you’ll soon find that transitioning to the cloud makes your role, and those of your coworkers and leaders, lighter.
Leveraging Big Data Analytics in New, Effective Ways
Once the process has begun, you’ll need to take a look at how your organization leverages big data. Pre-digital transformation financial services organizations may leverage data analytics in small ways; but with the implementation of all new cloud-based data analysis tools, you can and should play an active role in expanding those capabilities.
Leveraging big data properly arms leadership with intelligence that they can then use to strategically advance the company’s goals. With the right framework, data analytics can deliver detailed member insights, comprehensive risk assessments, effective fraud detection, and cost optimization; and the cloud provides a foundation that you, as a web developer, can then build upon to extract granular, actionable intel. Having already adopted the cloud, you can then use the argument of the benefits of big data to drive the adoption of further technologies that complement and enhance your organization’s analytical potential.
Conduct an audit of your organization’s analytical capabilities, then engage in research concerning tools and APIs that are compatible with your cloud framework. Platforms such as Salesforce’s Financial Services Cloud have built-in tools or marketplaces that provide robust solutions, with special attention paid to the nuances of the financial services industry. Tools available improve the financial services customer onboarding experience, provide building blocks for custom-making self-service portals, and templatize disclosure forms for ease of access.
Exploring those, and drawing up use cases exploring how these tools will eventually benefit both members and your financial services organization, is a good place to start.
Ensuring Security, Scalability, and Efficiency
Finally, as a web developer, it’s your job to see digital transformation through to its end. The digitalization process is just that – a process, and an iterative one at that. Once your financial services organization’s cloud solution is in place, there’s still quite a bit of tweaking that will need to take place to deliver the ideal experience for members, prospective customers, and stakeholders.
As a web developer, it will be your role to get hands-on and implement changes as kinks start to emerge in new processes. From investigating and customizing pre-built add-on tools to creating new cloud-compatible programs of your own, you will be the one who continues building on the foundation that leadership has established. You will also play a role in maintaining system security – assigning permissions to registered users, setting restrictions on sensitive data, and responding to cyber events as they occur.
As a web developer, you are the backbone of your financial services organization’s digital transformation. Work to identify inefficiencies, lock down security, and leave room for scalability, and you’ll be prepared to usher in a new era of productivity for your organization.