Banks Turning to the Cloud For Growth and Improved Customer Experience
We in the tech industry have a particular fondness for catchy buzz phrases. “Digital transformation” is one of the more ubiquitous ones to emerge in the last five years, and perhaps also one of the more difficult ones to define due to its broad nature. Any business likely can transform digitally, if they haven’t already, and that can look very different across industries. On a high level, digital transformation is the upgrading of a business’ traditional business processes and tools with new technology. The hope is that this will make businesses more efficient, more profitable, more agile, better at serving customers—even, in some cases, physically safer, for those who work in industrial or other high-risk settings. The tools employed to digitally transform businesses vary across industries but often include AI/ML, some automation elements, cloud migration, connected devices/IoT sensors, and more.