TGT Solutions has been immersed in the world of Information Technology for over 27 years, and in that time, we’ve learned a lot about banks, credit unions, and CDFIs.
It is no secret that the financial services industry is presently undergoing a number of challenges, and a digital transformation of how business is conducted is underway.
Financial service organizations are finding new and innovative ways to continue to be successful and compete, using the latest technology to automate processes and save time and money. Solutions also help them understand their client base and retain customers, giving the organizations that use them a clear competitive edge. These solutions include:
AI and Machine Learning
AI and machine learning are leading the way toward operational efficiency and offer more personalized services to an ever-demanding client base. For example, AI-powered chatbots are a cost-effective way of enhancing client experiences and are now seen as the first line of customer engagement on digital platforms.
FinTech Tools
Meanwhile, the rapid rise of FinTech tools and non-bank startups have also dramatically altered the competitive landscape. They’ve transformed today’s consumers, who are demanding 24 hour, 7 days a week, personalized service.
Cloud Computing
Organizations using antiquated management applications or siloed systems are turning to Cloud computing via software-as-a-service and platform-as-a-service solutions to simplify and standardize their IT systems. This practice reduces costs, improves data analytics, and allows the leveraging of leading-edge technologies.
Cybersecurity Solutions
As technology systems grow more complex, data breaches have also become more commonplace. Concerns around privacy continue to escalate, resulting in more restrictive compliance and regulatory requirements.
As the number of threats to banking systems increases, so does the urgent need for robust cybersecurity protocols. Perimeter scanning, designed to discover known weaknesses in computers, systems, and networks, allows organizations to understand their vulnerabilities and respond in an organized way, prioritizing vulnerabilities based on severity and impact.
Finding the Right Tools
While all financial institutions are experiencing similar challenges, each organization is unique in their own way. That is why it’s important to work with a team that takes the time to listen carefully, asks the right questions, and works with you as a trusted partner on your journey towards digital transformation.