The modern 9-to-5 work schedule has changed and many people no longer work at a desk in an office building. Many companies have adopted flexible work styles, including mobile and hybrid arrangements, which allow for greater flexibility for a variety of employees, including executives and those in sales and customer success roles. These arrangements may be available to most or all employees within the company.

There are several factors that have contributed to the shift towards more flexible work arrangements. These include the COVID-19 pandemic, the arrival of a new generation in the workforce, and the need for employees to be able to work from any location and maintain productivity.

Users now expect to be able to use corporate applications from any location, whether they are at their desks or on the move. To do this, they need access to a range of peripheral devices such as external monitors, keyboards, mice, printers, and audio devices. Additionally, they require a device with sufficient processing power and a large display to perform business-critical tasks.

Tablet devices, such as iPads, have become increasingly popular in the workplace due to their convenience and larger screens. Apple’s latest tablets feature displays that are almost 13 inches and are much lighter than laptops. They also have strong processors and memory, which allows them to deliver high performance.

By using the Citrix Workspace app, users can access their Windows-based apps and desktops on a tablet device like an iPad, providing a seamless and efficient work experience. The app also supports the use of external monitors, keyboards, and mice, allowing users to turn their iPads into full-scale workstations.

New Feature Support

Apple has continuously added features to iPadOS that are designed for enterprise use, and the Citrix Workspace app has consistently supported these updates at their launch so that customers can quickly access and utilize the new features.

Before the iPad OS 16.2 release, Apple only permitted mirror mode when an external monitor was connected. The new release includes a feature called Native Non-Mirror Extend Display, and the Citrix Workspace app now supports this feature as of the 22.12.0 release.

By offering support for this feature, users can now move the Citrix Workspace app to an external monitor and use their virtual desktop or application in full-screen mode on the external monitor while using native apps on the iPad’s screen.

 

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Here at CourseMonster, we know how hard it may be to find the right time and funds for training. We provide effective training programs that enable you to select the training option that best meets the demands of your company.

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The virtual desktop integration is more effective since files are only obtained from their respective sources when a user opens a file because the Citrix Files app does not sync files into the virtual desktop.

Data can help improve productivity in the workforce, but it is often stored in different silos across on-premises networks and cloud repositories. This can make it difficult for workers to access the information they need, disrupting their daily workflow and reducing their productivity. ShareFile allows workers to easily access all of their data from any device, making it easier for them to share and manipulate the content they need to do their job. This eliminates the need for costly data migration and allows workers to be more productive.

Connecting to, and Protecting Data

ShareFile allows IT departments to have more control over how corporate data is stored, accessed, synced, and shared. As a content collaboration platform that focuses on security, productivity, and modernizing infrastructure, ShareFile helps IT departments secure data while also meeting the mobility needs of users. This allows IT to provide users with the tools they need to be productive, while also ensuring that data is secure and properly managed.

Traditional synchronization tools are often designed for use with desktop computers. ShareFile’s drive mapper feature in Citrix Files for Windows can help save on storage costs when used with a virtual desktop infrastructure (VDI). The tool only downloads data as it is accessed, so it does not take up a lot of local storage space. The Citrix Files app allows users to access their account as a mapped drive on the Windows file system without having to download all of their data. This app supports access to Network Shares, SharePoint, OneDrive, most enterprise content management systems, and Personal Cloud Connectors. It can also be centrally managed using the Active Directory group policy.

ShareFile’s drive mapper feature allows users to access their data, including Network Shares, OneDrive, SharePoint, and other cloud repositories as if they were a mapped Windows drive. This allows users to work with their data in the native Windows environment, improving their productivity. The image below shows the user experience with this feature:

Citrix Files for Windows Benefits for IT

• Virtualization Support: IT departments can use ShareFile to synchronize and share data across both physical and virtual devices, as well as across on-premises and cloud storage. Because the Citrix Files app only downloads data as it is accessed, it reduces the amount of network traffic in the data center. This makes it easier for IT departments to manage data and ensure that users have access to the information they need, without overburdening the network.
• Storage Flexibility: ShareFile allows users to store files on-premises, in public clouds, in private clouds, or in any combination. This means that users can access their data from anywhere, and use the same file synchronization and sharing tools across both physical and virtual devices. This makes it easy for users to access and share their data, regardless of where it is stored.
• Reduced Storage Costs: ShareFile allows users to store their files in multiple locations without having to duplicate the data on their devices or in different storage zones. This makes it easier for users to access their data from multiple locations, without having to worry about managing multiple copies of the same files. It also helps to save on storage space and reduce the risk of data loss.

Citrix Files for Windows Benefits for Users

• Anywhere, Any Device Access: Connect a ShareFile account to the Windows file system as a mapped drive without completing a full sync of the account content.
• Flexibility: Allow users to access multiple data repositories from a single location, such as network shares, OneDrive, SharePoint, and personal cloud repositories.
• Faster Virtual Connections: The virtual desktop integration is more effective since files are only obtained from their respective sources when a user opens a file because the Citrix Files app does not sync files into the virtual desktop.

Optimized for the Unique Requirements of Virtual Environments

Many organizations use Citrix DaaS to provide a hybrid work experience for their employees. By using ShareFile’s Citrix Files app and StorageZone Connectors, users can access multiple data repositories from a single location. This includes access to network shares, OneDrive, SharePoint, and personal cloud repositories. This makes it easier for users to access the data they need, regardless of where it is stored and helps to improve their productivity.

In conclusion? The only file sync and share solution that is designed for virtual desktops are ShareFile. Using current investments, businesses can mobilize network shares, SharePoint, personal cloud repositories, or any other ECM system while reducing load times for efficient use in a virtual desktop environment.

How does ShareFile compare with other File Sharing solutions?

ShareFile was the first company in the industry to give you the option of keeping your data locally or on the cloud. ShareFile assists you in managing costs and maintenance as new systems are introduced or outdated systems are retired, as well as simplifying the transfer to new data/infrastructure. The majority of file sync and share programs only support a small number of endpoints and are not intended to meet the specific storage and performance needs of hosted settings. With support for Citrix, Microsoft, and VMWare setups, ShareFile’s disk mapper enables rapid, easy setup and a consolidated view of storage resources.

 

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After the U.K. government lifted its guidance on working from home, large banks and insurers announced plans to return to the office. HSBC and Standard Chartered both requested that staff come back to the office within a few days, with Citigroup following shortly afterward.

Some people debated whether returning to the office would increase staff absences, which were already high at the time, while others pointed out that city centers would benefit from increased foot traffic after years of low numbers of visitors.

Many people agreed that some level of flexible working arrangements would continue even after returning to the office. Noel Quinn, CEO of HSBC, admitted that being in the office five days a week is “unnecessary” and said that hybrid working models are “the new reality of life.”

Even now, banks have different opinions and strategies about what the future of work and the office will look like in terms of meeting expectations.

Reimagining Existing Real Estate

Goldman Sachs CEO David Solomon referred to the return to the workplace as a “work in progress” and said he wants people to “generally come together,” while executives from financial services company Jefferies called on senior dealmakers to return to the office to “mentor abandoned juniors.”

Financial services firms are traditionally seen as inflexible and have invested in large headquarters and branches to host their staff. As a result, many were left with a large amount of unused real estate when the pandemic began.

Employees have become accustomed to the benefits of working from home, such as increased flexibility and reduced travel expenses, especially as the cost of living has risen and people have tried to cut back on spending.

To encourage employees to return to the office, banks must redesign their real estate to meet the needs of today’s workforce, and also recognize that their existing offices are unlikely to be able to accommodate the same number of people as they did before the pandemic.

To adapt to the long-term effects of COVID-19, some of the UK’s largest banks have started converting underused parts of their branches into office space, as an alternative to bringing staff back to larger buildings and headquarters. For example, HSBC has turned parts of its headquarters into collaborative workspaces and meeting rooms for clients.

Consistent Models for Consistent Experiences

Operating a hybrid model has many benefits for banks, such as allowing people to work in ways that better fit their personal lives, making the financial services industry more accessible to different talent pools, and potentially increasing productivity. These are just a few examples.

However, a key challenge is ensuring that employees have a consistent experience whether they are working in the office or remotely. Currently, the quality of the remote and in-office experience can be vastly different. This is particularly difficult when teams are dispersed. Although many banks have invested in upgrading their office spaces to promote collaboration, it is impossible to meet everyone’s needs, especially for large financial institutions.

How can banks create a consistent model that incorporates both in-office and remote work? Technology can play a role in achieving this. For example, desktops as a service (DaaS) technology can give banks the flexibility they need to allow employees to access their applications, remote desktops, and sensitive data securely from any location.

Using DaaS technology is valuable for employees because it allows them to access the information and platforms they need without encountering security challenges. It is also beneficial for business operations because it allows for scalability and can increase productivity.

Cost vs. Security vs. Experience

Security is a top priority for banks that are developing hybrid work models. The financial services industry has strict requirements and regulations, so there is no room for error. It is essential for banks to understand what employees are allowed to do remotely and ensure that security is never compromised.

To achieve the right balance between cost, security, and employee experience, banks need to move away from a one-size-fits-all approach and adopt a more contextualized strategy that does not grant access based on physical or network location alone. By implementing a zero-trust approach across the organization, security is applied to users, devices, applications, and how people work. Access is granted on a per-session basis and is continuously enforced, so excessive downloads, authentication failures, and geofence violations are all considered.

Adopting a zero-trust mindset ensures the highest levels of security while also allowing employees to access the data and applications they need without compromising security or user experience.

It is clear from the changes you have already seen that banks are committed to adapting to meet the expectations of today’s hybrid workforce and their customers. While the traditional culture of bankers working in offices may still exist to some extent, the competition for talent, staff retention, and updated policies are creating a new culture of banking that emphasizes hybrid work.

 

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For many industries, the potential benefits of digitalization often revolve around increasing speed and efficiency through simplification. For example, a manufacturing business might use technology to monitor global operations in a single, aggregated system that allows them to streamline processes or store raw materials closer to where they are needed. A professional services firm might use videoconferencing and collaboration platforms to more efficiently match problems with experts. And a retail business might give its customers direct access to information about stock levels, thereby reducing the workload for its employees.

It is generally accepted that high-quality, high-volume data – particularly when managed with smart, AI-powered tools – has the potential to simplify processes and increase efficiency within organizations. However, some challenges remain inherently complex and cannot be easily addressed with the help of data and AI.

The healthcare industry is a prime example of this complexity. While the field of medicine is constantly evolving, the human body itself remains inherently complex. As new treatments and higher standards of care are developed, the range of specialized skills and advanced technologies that are needed to provide comprehensive, modern healthcare will only continue to increase.

The Digital Health Mandate

Despite this complexity, there is growing pressure on the healthcare industry to modernize and digitize in order to remain resilient in a rapidly changing economic and social landscape. The COVID-19 pandemic has only exacerbated this need, as healthcare providers scrambled to find ways to continue providing care in the face of adversity. This often involved replacing paper documentation with digital solutions and expanding the use of videoconferencing for consultations.

Now that the worst of the pandemic is over, many healthcare providers are realizing that initiatives that may have been pushed to the side in recent years are now even more important. At the same time, new challenges are arising as healthcare professionals and their employers recover from a tumultuous and stressful period.

For example, technologies that were once considered experimental, such as AI-powered diagnostics and robotic surgery, are now becoming essential tools with real-world impacts. Meanwhile, trends toward a shift in focus from reactive to preventative medicine and value-based care are re-emerging. At the same time, the skills that healthcare providers need are becoming scarce as a result of stress and burnout, and remote solutions for patient interactions are not always designed to be interoperable across different healthcare organizations and departments.

Despite these challenges, it is important to remember that, just as digitalization cannot make the human body simpler, new treatments and expectations do not make it more complex. In other words, while the healthcare industry does not have the luxury of changing its work and purpose in order to become more efficient like some industries do, it can still benefit from having a clear, unchanging goal that guides everything it does.

A Single Source of Truth

One common thread that underlies all the emerging and long-standing trends in healthcare is data. When innovative medical imaging technologies are introduced, it is not just a new way of looking at the body, but also a source of data-driven insights into people’s health. Similarly, programs that promote preventative medicine are not just new care pathways that are followed when symptoms or warning signs are detected, but also a way of using a person’s health data over time to predict their most likely future health outcomes.

The basic architecture of taking, storing, exchanging, and analyzing data must be the main focus of healthcare digitalization initiatives. Because of this, the business may advantage from digitalization in a similar way to other industries.

The goal of data efficiency in healthcare is to ensure that patient data accurately reflects their actual state of health rather than simplify the problem.

For healthcare workers, this means having access to a complete picture of a patient’s health, which enables them to make informed decisions without having to spend time and effort contacting other parts of the healthcare system and waiting for information to be shared.

For patients who are using digital channels to communicate with healthcare professionals, this means knowing that navigating the healthcare system will not involve repeating their symptoms and experiences, as their data will move seamlessly with them.

For administrators and policymakers, this means having a clearer understanding of how a healthcare system is functioning, where additional resources are most needed, and where improved workflows can be put in place to ensure that patients receive the best possible care.

The discussion around data and healthcare has often been influenced by ideas and principles from other industries, but a hospital without paper is not the same as an office without paper. In order to truly modernize and digitize healthcare, we need to make its technology infrastructure as specialized and patient-focused as healthcare providers are.

 

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Retail isn’t the first industry that springs to mind when you think of hybrid working. However, it was one of the industries, along with hospitality, that was so seriously impacted by the pandemic, with likely long-term effects in terms of shifting customer expectations and behaviors.

While we are no longer required to keep indoors, there are significant lessons that can be learned from this experience to promote sustained growth. It has been more than two years since non-essential retailers were forced to move their entire operations online.

The first step is to make long-term plans for decreased high street foot traffic. Even before the pandemic, the high street was in decline, but lockdowns and other factors have prevented the expected resurgence. In fact, according to research from retail experts Springboard, total UK high street foot traffic was down 17% at the halfway point of the year (compared with pre-pandemic levels in 2019).

Although the customer experience is no longer just limited to brick-and-mortar establishments, COVID-19 exponentially increased that trend with a persistent rise in e-commerce. According to a KPMG survey, nearly four in five consumer and retail leaders (78%) expected to increase their investments in e-commerce or digital sales platforms in 2022, and a similar percentage (77%) was considering customer-centric technology, like chatbots and dedicated websites.

However, not only customer-facing technology is undergoing significant updates. Retailers may rethink their entire hiring strategy with the appropriate technologies. Why should staff be centralized in a small number of sites if customers can interact with the brand, access customer services, and purchase goods from anywhere?

The Rise of Location-Agnostic Working

One big box retailer we work with is internationally recognized this early on. Previously focusing its head office in a small number of cities, it is now essentially location-agnostic to draw in a larger talent pool. Retailers may create collective workforces anywhere in the world by utilizing technologies like desktops as a service (DaaS) and supporting collaboration tools.

The way that customers’ expectations of retailers have altered also reflects this. According to a global study by AI company Nuance, most customers (58%) think they’ll continue to engage in more digital contacts than they did before the pandemic, with ease and speed being two of the biggest advantages.

Preparing for Revenue Slow-Down

Retailers can gain by providing needed customer services through the most popular channels at a lower cost because workers usually work from home and hybrid working becomes the standard across industries.

This is particularly important in the context of the rising expense of living in today’s society. Retailers are likely to feel the effects of this as energy, food, and raw material prices continue to rise. Retailers must make sure they’re set up to deliver the best margins by minimizing their overheads since consumers are being forced to think about how they prioritize spending their income as inflation rises.

Changing Business Models

Change in the stories is being pushed by more than just retail employees who work in a hybrid position. Tesco even created a flexible workspace for customers to use while they are in the store using extra space in one of its stores. This is a particularly rare instance of a traditional grocery store investing in partnerships to develop new business models to suit changing customer behavior. This is a creative move on Tesco’s part and may mark the beginning of retail spaces that are altered to enable more than just the shopping experience, incorporating the “new normal” of hybrid working into customer visits to stores.

The retailers who succeed in the race for innovation will be the ones who succeed in the race for growth, regardless of whether that means discovering new ways to engage customers or developing new revenue sources. Retailers may achieve both goals by embracing hybrid working, attracting the finest personnel, and cutting operating expenses to retain profitability. Consumer confidence has been severely impacted by the retail industry’s uphill battle and headwinds in the shape of inflation and cost-of-living increases following a pandemic. But it can weather this unpredictable storm by making the correct technological and, more importantly, creative investments.

 

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Over the past ten years, the banking industry has undergone an extraordinary transformation, from significant legal changes to the development of various internet banks that have transformed the competitive landscape for traditional high-street businesses.

Monzo already has over 5 million active customers, Starling recorded 600 percent revenue growth for its 2021 year-end, and Revolut was valued at £24 billion – more than NatWest — during its funding round in summer 2021. These statistics help put the expansion of challenger banks into perspective. Customers’ experiences are at the center of the value propositions of digital competitors, who are putting pressure on traditional brick-and-mortar banks.

This customer experience is increasingly being considered significantly when making decisions. In fact, according to a recent study by MagiClick, 80% of adults say the caliber of their online banking experience influences their choice of financial institution. This has a significant impact on retail banks’ customer-attraction strategies. It means that they must make the customer experience a top investment objective in their strategies for digital transformation.

The market shares of the more established banks are really at risk, thus it is clear that greater digital transformation is needed to support innovation. Many of the departments, services, and products that banks offer—from savings accounts to mortgages and current accounts—are supported by different customer databases and systems, creating data silos and diverse perspectives on the same customer. The customer experience may suffer as a result in some ways.

Aging Foundations Creaking

In addition, a lot of traditional banks have technical debt and still depend on mainframes, which were developed in the 1960s, to process transactions, making cloud migration a difficult and time-consuming task. The technologies that banks use to help their staff perform their jobs generally reflect this aging infrastructure, and the difficulty of changing also delays important changes in the back office.

Time is very important for traditional banks to preserve market relevance, however, given the actions of their competitors and the changing priorities of their customers. Competitors are taking note of this and accelerating efforts like cloud deployments to make their architecture as open and simple as possible, allowing them to launch new goods and services much more quickly.

Changing Regulations and Expectations

Customers demand a consumer-like banking experience, including the ability to make account changes while securely authenticated using a bank’s app, without having to speak to a live person, and having inquiries managed via DMs on social media. They expect speed and simplicity, as well as jargon-free websites and apps that are simple to use.

Banks have had to reevaluate their entire technology architecture to ensure that they can securely connect with third-party organizations for the benefit of their customers and protect authentication procedures as a result of changing regulations like PSD2 and the resulting Open Banking requirements. To set themselves apart from their competitors, banks must be able to establish new relationships fast, whether it be through partnerships with retailers or other financial services companies like Klarna or other similar providers.

Taking the Workforce Out of the Workplace

Banks must be able to draw creative thinkers and leaders if they are to provide such a seamless user experience. For many, this may entail reconsidering how teams complete tasks and embracing strategies like hybrid working to bring in new hires from different age groups and backgrounds.

Banks may access a larger talent pool outside of the areas in which they have a physical presence by reinventing ways of working to enable workers to work most productively and effectively, whether they are at home, in the office, or working remotely. To do this, they must change the way they see security, focusing on strategies like zero trust security to ensure that staff always follow a minimum set of security processes, regardless of the situation.

Traditional banks can compete with their neobank rivals by offering a transformed user experience while consumers are secure in the knowledge of their industrial heritage and credibility thanks to the cloud architecture supporting their workspaces. The high street brands may endure, but a new era of flexible and seamless services built on the cloud is about to dawn. Long-term benefits will accrue to those who embrace it.

 

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We are all aware of the significant revenue impact that digital channel delay has. Every 100ms of latency costs one percent in sales, according to a well-known Amazon research from more than ten years ago. The Black Eyed Peas have been at the top of the UK and US singles charts when that survey was conducted in 2009, while Gordon Brown was the prime minister. The period was significantly different. However, the significance of network access to support retail sales has increased since the pandemic.

The retail industry has been struggling lately, with lockdowns forcing many brick-and-mortar companies to start rethinking their operations. Businesses that depended on high street foot traffic and in-store engagement had to develop new strategies for connecting with their most important customers.

Today, despite the UK being thankfully free of lockdowns, the industry is still dealing with slow economic development and a cost of living problem that will eventually result in lower customer spending, which will further hurt revenues and profit margins. So in such a volatile environment, how can retailers protect their futures?

Integrating Bricks and Clicks

Although the pandemic probably made the drop in foot traffic worse, the high street has significantly lost influence over the past 10 to 15 years. However, the growing influence of e-commerce should not spell the death of in-person purchasing. Instead, it should signal the start of a new era and provide the motivation for redefining how people purchase.

In shopping experience must be integrated with online buying. The fundamentals of offering a simple click-and-collect approach should play an important role in most retailers’ go-to-market strategy since consumers still want instant results. However, for this to be successful, retailers must have real-time inventory management and linked systems so that employees on the ground may tag products and instantly update statuses using mobile devices. This means that every store essentially plays a hybrid role, functioning as both a warehouse and a place to shop.

Diversify Experiences

The best retailers understand how important it is to provide a consistent look, feel, and experience for their brand across a variety of platforms. Customers will interact with a business across a variety of touchpoints during the buying process, whether they are in-person, online, through a web app, or on social media platforms like Instagram or TikTok. Each of these touchpoints needs to provide a reliable and consistent user experience.

Argos and Habitat have been incorporated by grocery stores like Sainsbury’s as a result of the market concentration of retail brands. Customers gain from expanded product lines, new products, and new brands that are all available under one roof and are accessible both online and in-store when such actions are taken.

Citrix has observed multiple cases of this, ranging from bookstores that sell high-end coffee to more conventional clothes and food stores that introduce new and distinctive brands to appeal to different customers. Retailers now have better access to what their customers want and how, where, and when they want to buy it thanks to data-driven decision-making.

Putting a Personal Touch on It

It seems that there is still work to be done for merchants to provide truly personalized experiences for their audiences, even if Citrix has access to more buyer, persona, and customer data than ever before. Only 6% of consumers, according to data from AI company Coveo, think online buying experiences are always relevant. According to the same study, 93% of consumers anticipate that their online shopping will be at least as good as their in-store experience. Therefore, there is a significant gap between what consumers believe is achievable and how they see the situation.

A secure, flexible, and dependable network is needed to support all of this. Retailers must make sure they have the appropriate infrastructure in place to serve as the foundation of this innovation as they connect technologies like AI and data analytics to automate the process of offering such personalization.

The majority of corporate retailers will normally need to switch to a multi-cloud infrastructure in order to guarantee a smooth and hassle-free supply of content to customers through cutting-edge and nimble networking. Associated systems then deliver content and updates to customers from the nearest cloud data center, lowering latency, improving the buying experience, and eventually boosting discussion at the finish line.

Stores can create a more complete portrait of their customers based on their purchasing and engagement histories when they combine a seamless and quick shopping experience with connected data across multiple platforms. This allows them to serve their customers with goods and services that are in line with their interests.

The most successful retailers will survive and thrive because of the combined value they provide to customers through both in-person and online involvement. With competitors only a tap or click away, the retail sector is facing conditions that have never been more difficult. However, companies that provide the proper infrastructure to support their digital delivery may actually change their entire customer journey, delivering an omnipresent experience at scale – while maintaining their own brand characteristics across those channels.

 

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The banking sector is significantly behind in terms of cloud technology adoption. While these difficulties affect all companies, regulated areas such as financial services face particularly complex terrain. And their difficulties need specific problem-solving.

Financial services businesses must face three challengings, and overlapping difficulties to effectively upgrade their IT:

• Outdated legacy technology
• Cybersecurity risks
• New working styles and employee expectations

The good news is that, with the important approach to IT modernization, financial businesses of all sizes can meet industry change, hybrid work needs, cybersecurity, and compliance. The journey starts in the cloud.

This does not indicate that businesses must make the transition all at once; in fact, some organizations are banned from doing so in more regulated areas of the industry. However, almost all financial services businesses can take concrete, powerful steps today to adopt a more dynamic IT posture and prepare for the business and regulatory environments of the future.

By going deeper into the challenges to IT modernization, financial services businesses can understand how to overcome them (while being compliant) and thrive in the new world of work.

Challenge 1: Outdated Legacy Technology

Many financial services organizations depend on systems that have been cobbled together over years, if not decades. This technology debt can make even the most simple new technologies more difficult to implement, while also reducing their capacity to satisfy changing customer and staff needs.

More specifically, the financial services industry tends to struggle with quickly onboarding new employees and providing ongoing support, enabling hybrid employees with the tools they require wherever they are, and troubleshooting and updating current systems rather than focusing on higher-value activities.

Even delaying IT modernization can be helpful. Businesses can (finally) begin supporting microservices, APIs, and DevOps by moving parts of their business to the cloud. By allowing businesses to build new locations more quickly, merge branches, introduce a new product or service offerings more quickly, and accelerate the time to value from major changes like mergers, acquisitions, and divestitures, doing so helps businesses become more flexible. By taking these actions, IT troubleshooting can be minimized, freeing up technical personnel to focus on higher-value tasks.

Financial institutions can start to reduce the technical debt produced by legacy systems and start to develop an organizational culture that attracts and keeps talent by moving some tasks to the cloud.

Challenge 2: Cybersecurity Risks

The financial services industry is flooded with data, including data on customers, businesses, employees, and trade. All of this information must be protected, but it also needs to be available when and where it is needed. Organizations that lack a strong security architecture run a higher risk of accidentally losing data or experiencing hacker attacks.

New technologies and new thinking are needed to address an expanded and deeper assault surface. Due to the transition to a mixed work style, many employees usually access the network using their devices. Data needs to be secured and encrypted as it moves from its starting point to its finishing point. Businesses must also follow compliance rules without sacrificing their objectives.

To adapt to this situation, the financial services sector should use zero trust best practices, ensuring that staff members have access to the information and tools they need, whenever and whatever they work. Financial services companies can more effectively protect sensitive information, improve corporate security, adhere to compliance regulations, and minimize their audit footprint by securing sensitive apps and data on-premises or in public cloud platforms. Adopting zero trust allows enterprises to further strengthen security and compliance by encrypting data in motion, containerizing and deleting data from mobile devices, limiting data sharing and copying, and carefully dividing protected data.

These IT advancements also have a business case. Enhancing data protection, enabling quick recovery from security disasters, and promoting business continuity will lower risk and improve resilience. It is not only morally right but also essential to protect data everywhere.

Challenge 3: New Working Styles and Employee Expectations

Employees don’t necessarily have different needs from those of on-premise employees just because they may work from home or on a mixed schedule. Whether using a personal device or a corporate-owned, personally enabled (COPE) device, relationship managers, personal bankers, roaming branch staff, and loan agents must be able to access their applications, information, and data on a single aggregated workspace without compromising sensitive client or personal information. Customers demand greater security and reduced friction at all points of service.

The most knowledgeable financial services workers are aware of how to reduce risk through diversification and flexibility. It’s the same for IT leaders who assess and put into practice sensible and clever IT strategies. Banks may more easily provision and manage employee resources in any place with the use of desktop as a service, or DaaS. This makes it possible to roll out new goods and solutions for both customers and employees with ease in the future. They can also easily adjust to changing needs and improve IT processes.

The financial services industry can protect distributed workers, apps, devices, and networks even as workstyles and expectations evolve by using a more flexible, resilient security model.

IT Modernization

IT modernization is not a one-and-done effort, nor is modernizing enterprise technology — or creating the infrastructure to enable it — a minimal expense in the banking sector, as it is in any company. However, if done strategically and with a view toward the future, IT modernization may be easy, safe, effective, and, yes, inexpensive. An estimated 1.95% increase in overall sales comes from a 1% increase in innovation spending.

Businesses can deliver the cutting-edge, adaptable experiences that both customers and employees need while keeping the agility required to succeed in today’s quickly changing market. Everyone can feel optimistic about that.

 

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Here at CourseMonster, we know how hard it may be to find the right time and funds for training. We provide effective training programs that enable you to select the training option that best meets the demands of your company.

For more information, please get in touch with one of our course advisers today or contact us at training@coursemonster.com