The potential of cloud computing to improve financial user experience
Veritran and Huawei Cloud present the first business solutions hosted in the cloud to promote financial sector innovation and digitalization in Mexico, a country where 98% of users prefer to interact with their bank via mobile apps
Studies confirm it: Mexicans prefer to do their banking using their cell phone, as the most practical, agile option, without this meaning that security of their assets is being compromised. This combination is mainly found in banking applications with intuitive, easy-to-use interfaces.
According to a study by Veritran — a leading global developer of Low-Code solutions — and the consulting firm Kantar, 98% of the Mexicans surveyed choose bank mobile applications as the main channel for conducting their day to day financial operations. In line with this, use of virtual wallets (both bank and non-bank) by those surveyed has risen to 13%, compared with just 2% before the COVID-19 pandemic.
Among Mexicans’ principal demands in relation to digital channels is the availability of personalized attention, accessibility tools (such as enlarging the text in the pages of applications), easy-to-use tutorials, the possibility of customization, access using facial recognition, and the approval of transactions using a pattern or fingerprint.
But in order to achieve this flexibility, banks must develop their servers and product offering, since legacy systems cannot provide the technological potential they require.
This is where cloud computing comes in. This technology allows for faster responses to users by storing and analyzing massive amounts of data in real time to generate customizable, forward-looking, and modern tools, products, and services.
Hosting solutions in the cloud provides immediacy for responding to the demands of end users by optimizing latency time and creates a rich ecosystem of business solutions. This has become especially relevant in the competitive Mexican financial market, where ease of navigation influences user preferences.
Consequently, having a cloud provider with a data center located in Mexico is essential to satisfy demands in terms of protection and user service.
In response to this situation, Veritran and Huawei introduced the first integrated offering of business solutions hosted in the cloud. This alliance enables financial institutions to have a unique and innovative value proposition that speeds up their digital transformation.
Veritran's leadership in developing business solutions with the best time-to-market, coupled with HUAWEI CLOUD's track record for hosting, implementing and integrating in the cloud, offers an unrivaled option that is key for companies seeking the constant innovation of their products.
The synergy generated by this alliance translates into a broad portfolio of benefits for the financial industry, as it fosters innovation and digitalization in the sector and gives way to improvements in the quality and scalability of services. It also enables the modernization of banking infrastructure quickly and safely.
At the same time, this offering promotes agile and frictionless digital interactions focused on the user experience, increased efficiency, and greater opportunities in an era of simple, personalized, and secure products.
"The association reflects the commitment of both companies to accompany financial institutions on their path towards digitalization," said Omar Arab, Executive Vice President of Corporate Business and Head of Global Alliances at Veritran.
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