IT Solutions determine the competitiveness of the financial market, especially in the face of competition from smaller, specialized finance companies and the growing role of digital channels to communicate with customers. Cooperation with technology companies and software companies are forming an increasingly important area of banking.
Related software makes financial firms offer gets better, both in terms of cost and quality of our services. According to the company Balazs Fejes Epam Systems banks must recognize that the basis of their continued success in business is IT.
– In case the quality of service customers expect from banks, the bar has been raised very high. This implies an increase in the share of digital channels and changes in the client’s needs and preferences. In addition, a number of scandals in the financial markets that have taken place since the crisis, meant that consumers are increasingly skeptical about the services provided by banks and the values they bring – says the expert.
But the changes may mean great opportunities. Recent years have been a period of uncertainty rash of new clients and companies offering financial services at low cost. – New players directly offer customers a range of traditional banking products such as cash loans, currency exchange, financial management, payments, or trading in shares – says Balazs Fejes.
In this way, serious competition for banks become technology companies proposing excellent and efficient service, as well as some vendors, particularly in the areas of financial market require greater discretion. – This is just one of many areas where the owner of the traditional relations between the bank-client becomes firm, providing application and an interface with which a client has an active contact. As we grow deeper relationships between customers and technology companies, banks may be increasingly excluded from the game, and their role can be reduced to the role of providing services and supports transactions become increasingly less visible to the customer – says Balazs Fejes.
They are efficient, creative and have the infrastructure needed to provide high-quality investment advice at a cost a fraction of the cost of traditional services companies. Supporting investors carrying smaller investments, private banks who and companies involved in asset management, would not receive individualized counseling, software developers do not need to employ a large number of professionals to provide financial advice. – They assume that this market segment is not dependent on personal contact with the customer, so they treat software as a range of products, focusing in its operations on the aspect of technology and trying to ensure the highest level of user satisfaction with the offered software package – says the expert.
What’s in this situation can do the banks? According to an expert from Epam Systems can work with technology companies and companies making up the software, may offer its technology under the brand distributor. They can also reduce the risk of competition through acquisitions. – Those who do not acknowledge the fact that software and technology is the future, will be behind and lose their competitiveness. Mark, are increasingly dominated by software for banks reality – sums Balazs Fejes.
Source: Epam Systems
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