Cloud as a Catalyst for Innovation in the Financial Sector

In today’s financial landscape, technological innovation has become a cornerstone of digital transformation. One of the key drivers of this change is the adoption of modern payment methods, which not only streamline transactions but also significantly enhance customer experience. Cloud computing, in particular, has emerged as a crucial enabler of these innovations.

Deloitte’s “Agenda 2024” study reveals that nine out of ten companies plan new investments in cloud technologies, recognizing them as vital for competitiveness. The study surveyed 411 Brazilian companies across various sectors, representing about 20% of the national GDP. Among the findings, 63% of companies intend to increase investments in IT infrastructure, and 72% are focusing on upskilling professionals in technology-related fields.

This journey of digital transformation in the financial sector has been strongly driven by the need to offer fast, secure services that meet the ever-increasing expectations of customers. In this context, payment methods play a vital role. They have evolved beyond mere money transfer tools into a complete customer experience, encompassing convenience, speed, and security.

For this reason, act digital addressed these topics with various banking industry guests during Febraban Tech 2024. Explore the key insights from this engaging discussion in this article.

Adoption of Cloud Computing and Service Modernization

The adoption of cloud computing is a key factor in the modernization of payment systems. It allows financial institutions to scale operations rapidly, bring new products to market more quickly, and ensure the necessary security to protect customer data. The flexibility provided by the cloud also enables banks and other financial institutions to respond swiftly to market changes and customer needs, ensuring a superior experience.

Cloud computing has been essential in implementing more agile and efficient operational models. It allows financial institutions to improve response times, optimize processes, and reduce operational costs while continuing to offer personalized and secure experiences to their customers.

Impacts on Competitiveness and Talent Attraction

In addition to enhancing customer experience, the modernization of payment systems and the adoption of technologies like cloud computing directly impact the competitiveness of financial institutions. The ability to innovate and scale quickly allows these institutions to remain active in a dynamic market and attract new talent, which is crucial for sustaining growth and innovation.

For instance, Bradesco began its cloud computing adoption journey with the goal of improving operational efficiency and remaining competitive in the market. This shift not only boosted internal efficiency but also led to a significant reduction in the time it takes to bring new products to market, ultimately enhancing the overall customer experience.

Institutions that embrace technologies are well-positioned to compete in a rapidly evolving market, offering customers the latest in convenience, security, and agility. It’s important to note that, in addition to focusing on cloud investments, 41% of companies already use a hybrid approach, combining public and private clouds. Another relevant point is that 61% of companies plan to invest in cybersecurity, driven by the rise in digital threats, and 34% consider improving customer experience as one of the main motivations for investing in cloud technologies.

Want to learn more? Watch the full panel discussion with André Franken (BV), Fellipe Marques (BTG), Frédéric Martineau (act digital), Gloria Kojima (Bradesco Seguros), Lennon Farias (Bradesco).