LiveBank supports its Clients with experience and knowledge of business processes in the area of finance to help in digital transformation while going into the cloud at the same time. We provide a reliable and secure solution that supports the development of processes based on communication in digital channels. By moving to the cloud, Banks gain the opportunity to accelerate the implementation of new solutions and streamline the customer service process.
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Challenges in banking and how cloud technology can help
Since the beginning of the pandemic, the most important aspects in our Clients’ business parameters, especially those whose services are in the digital channels have increased from several dozens to the highs of 380% on one market. There has been double the increase in the number of interactions supported through the digital channels amongst our Clients between 2021 and 2022 and the upward trend continues.
“One of the main benefits is that customers can use the LiveBank-enabled processes remotely from their homes or wherever they are. So from the customer perspective, it was a huge gain.” – project manager in European retail bank
The rapid increase in interactions in digital media was an enormous challenge for the Banks, both in terms of organization (additional training for the staff, etc.) and technical resources (servers, network load, hardware). The procedures for acquiring new technological solutions have also changed – due to the business needs – solutions that can be implemented immediately are sought. The availability of the LiveBank cloud solution is a natural response to the changing and more demanding market environment. LiveBank ensures the scalability of its solution and the flexibility offered thanks to the possibility of implementation in the cloud.
Is cloud banking transformation needed?
The challenge faced by the Banks is related to the rescaling of technical resources in line with the changing needs of the business. Activities pertaining to business rescaling require detailed analysis (e.g. determining whether the increase in resource use will be temporary or will remain at the new level), securing budgets for modernization (usually a large amount), purchase of equipment and its installation – this requires time and thus delays achieving business goals. After making the investment, the increasing costs of infrastructure servicing should be taken into account, along with the need to monitor and update the software per station/device.
The LiveBank cloud solution is more cost-effective compared to the cost of investing in infrastructure. About 80% of the total project cost goes to the on-prem solution, hardware, as well as configuration, and integration. This cost structure resulted in large expenses incurred at the initial stage of the project. Looking at the cloud solution, and especially in the privet cloud solution, these costs are very limited, as the main cost is the license. The serverless approach allows for significant improvement in the areas of scaling the application, monitoring, security, and speed of implementing the changes, as well as control over costs.
These are not all the benefits that an organization achieves thanks to the implementation of digital channels. According to the Forrester report: “the shift from phone to chat has enabled customer support and decreased the time spent per request by about 20%. Customer support agents were able to work on up to three requests simultaneously via chat and especially smaller requests were handled faster.”
LiveBank helps to accelerate the pace of transformation carried out inside the organization by giving the opportunity to take advantage of the cloud-native approach. Cloud technology provides adequate flexibility in the field of business processes and will create opportunities for rapid development and automation of many processes in the coming years.
