Recently, the Banking & Finance industry has been undergoing a sea of changes due to shifting customer attitudes and behavior and the emergence of new technologies. To keep up with the rapid pace of this change and stay competitive, banks have embarked on transformational journeys to enable digital banking and omnichannel modernization.
Banks need the flexibility of cloud solutions to address rapidly changing customer expectations and provide the options consumers want when it comes to their financial needs. Omnichannel customer experiences, coupled with robust cloud capabilities, will enable financial institutions (FIs) to reimagine the customer journey. The Wipro Google Cloud partnership is uniquely positioned to help FIs design omnichannel customer experiences, transform data and analytics, better manage risk, and improve operational efficiencies. In addition, Wipro FullStride Cloud Services draws on strategic industry knowledge and technical and functional expertise to design and develop the best solution for FIs, leveraging the flexibility, scalability and robustness of Google Cloud.
To pick the right cloud solution and make the cloud migration journey seamless for FIs, Wipro FullStride Cloud Services applies a strategic digital omnichannel banking framework powered by six unique transformational levers: identifying the high cloud-propensity areas and the right cloud approach; conducting a complexity-impact assessment to identify priorities: navigating various business and system layers for transformation; mapping the business function scope; and reimagining the customer journey.
- Reduction of time to market for new products from 12 to 18 months to 6-12 months, along with related cost savings
- Accelerated customer onboarding, reducing current account opening times from five to seven days to as little as five to seven minutes
- Up to 50% time savings for customer representatives, allowing them to spend more time engaging in business and relationship activities
- End-to-end human-centric customer journeys across all channels and business lines
- Up to 30% savings on total cost of ownership (TCO)
- Faster, intelligent and transparent operations through digitization and automation
- Greater flexibility, agility and speed of innovation, compared to in-house computing
- Improved sustainability and lower net emissions due to cloud servers’ high levels of utilization and, often, greater energy efficiency.