As all financial institutions aspire to move more swiftly, offer products more quickly, and improve operational efficiency, cloud adoption rates are increasing. This was confirmed in research published by the Economist Intelligence Unit late last year (EIU).
FinTechs believes that by using the cloud to power its digital services, it can operate at a 75 percent lower cost than a traditional bank. These advantages are subsequently passed on to the client in the form of lower-cost, technology-driven financial services.
The Covid-19 pandemic has driven cloud adoption even further, as a heightened emphasis on digital channels has given banks with cloud and SaaS-based strategies a competitive advantage.
Why SaaS in Banking?
The pandemic has made virtual business process the new normal. Thus, there is an increased demand for an efficient model to run businesses without any disruptions.
Employees in the banking industry are no exception to this new lifestyle. It is obvious that they also need a smarter way to connect remotely and work seamlessly. That’s where SaaS plays the role of being the Digital Superpower.
Homegrown solutions have complicated architecture and hence time-consuming. It requires dedicated experts to collaborate and support the development and thus is costly. SaaS, on the other hand, comes equipped with developed solutions. Therefore, businesses can just purchase these solutions which are faster to implement and is easy on the pocket.
What makes SaaS so popular and in-demand?
- Quicker implementation as the software need not be built from scratch
- Low investment and flexible payments as SaaS uses the subscription model so you can subscribe and pay on a monthly basis
- No infrastructure required as SaaS is built on a cloud and hence, there is no requirement of managing servers
- A major advantage of SaaS is that anyone can access their business software anywhere
- The vendors take care of the regular updates, data backup and synchronization so that you can have a seamless customer experience
- As SaaS runs on a centralized platform, it is easy to capture data to provide accurate analytics. Also, businesses using SaaS have access to smarter tools which can provide useful insights on business operations
Aspire’s digital banking partner Temenos, has integrated AI and advanced cloud technologies to launch their own SaaS platform- Temenos Infinity, which has the power to take customer experience to the next level. It can unify customer experiences across banking sectors, enabling banks to expand their product offerings, provide appropriate analytics to understand customer requirements, and much more.
Why Temenos Infinity Engage?
Temenos Infinity Engage, the new digital banking solution has multiple benefits for the customers like:
- Developing your digital banking platform in just 60 days
- Fast and easy PWAs with Temenos’s visual application design canvas as they use low-code approach
- Mission-critical backend services and Enterprise-grade secure architecture
- Reduced cost as businesses uses the existing web development tools without compromising on the quality of the end product including security
- Continuous upgrades resulting in rapid innovation
- Highly secure with over 200 security features like white-box cryptography, advanced authentication, etc.
Conclusively, Temenos Infinity Engage has accelerated retail banking and business banking needs like peer-to-peer payments, loan approvals, customer onboarding, etc.
SaaS is going to stay in the banking industry for a long time in the coming days. So, we, at Aspire Systems have combined our design thinking and data analysis to provide our customers with the best SaaS experience. With Aspire’s BFS Digital services, you can take your digital banking customer experience to the next level.
Know more about Aspire Systems services in SaaS platform, here:
- QR Code Payments: Transforming the Face of Digital Payments - August 18, 2023
- Staying Ahead of Customer Expectations in Real-Time Payments - May 16, 2023
- Core Banking System: Key Factors Affecting its Modernization and the Leading Trends - February 27, 2023