Keeping the money moving: How the financial industry’s tech needs are evolving

Keeping the money moving: How the financial industry’s tech needs are evolving

 

The digitisation of financial services has become a cornerstone of modern banking. From online banking platforms to mobile payment solutions, customers now expect seamless digital experiences. This trend not only enhances convenience for consumers but also enables financial institutions to streamline operations and reduce costs. With the rise of blockchain technology, there’s also increasing potential for decentralised finance (DeFi) solutions, which could revolutionise traditional banking systems. 

According to research from ADAPT, the top priorities for financial service leaders are building a trusted organisation, improving effectiveness, and ensuring regulatory compliance. With the rapidly changing technological landscape bringing a host of governance and regulatory challenges, it is no surprise that CIOs are now facing pressure to incorporate solutions into their daily operations – prioritising innovation is no longer just nice-to-have; it is a necessity. 

 

Artificial intelligence in finance

With AI revolutionising every aspect of the financial services industry, from risk management to fraud detection, there is growing demand for a better customer experience. AI-driven robo-advisors are gaining popularity, offering automated investment advice tailored to individual preferences and risk profiles – but the memory of Robodebt is all too clear in the mind of many Australians. 

AI-powered chatbots and virtual assistants are being increasingly employed to provide personalised support and streamline customer interactions. While there’s a major focus on AI in the customer experience, the World Economic Forum found that Customer Experience that includes a human touch is far superior – financial service organisations must walk the fine line between efficiency and efficacy.  

 

Staying secure

All of these considerations fall below the overarching need for strong cyber security measures. Ecosystem reports that one of the core concerns for Asia Pacific banking is fraud detection and process automation, and as threat actors continue to develop novel methods of infiltration, there is a need for highly capable cyber security analysts who can understand, prevent, and respond to cyber incidents. 

This focus on cyber security is not unfounded – in 2022, 46 per cent of Australian organisations fell victim to phishing attacks. Data security is a primary concern for many CISOs, according to a study conducted in 2023 by ADAPT. Beyond simply upgrading technical infrastructure, organisations need to upskill their teams and fortify their security posture. 

 

Our work with illion

illion, an international credit reporting agency and one of Australasia’s leading consumer and commercial credit bureaus, chose to partner with Interactive in the migration of the agency’s digital technology and security infrastructure to the public cloud.   

Driving sustainable growth involves understanding each client’s unique needs and tailoring solutions accordingly. Through long-term partnerships, Interactive becomes a trusted advisor, adapting its services to align with clients’ evolving requirements. By nurturing these relationships, clients can achieve seamless cloud modernisation, positioning themselves for long-term success and innovation in a dynamic market environment. 

illion recognised that it needed to invest in significant digital transformation to create a seamless employee and customer experience and maintain a competitive advantage.  

Interactive has had a long-standing partnership with illion for over eight years, supporting the company through numerous infrastructural changes. Initially starting with hardware maintenance support, we evolved its support to best suit illion’s needs throughout its partnership.   

In 2018, illion turned to Interactive to migrate its data centres to the private cloud. You can read more about their journey here. 

With responsive support services available round the clock, Interactive ensures clients receive timely assistance tailored to their specific needs. With responsive support services available round the clock, Interactive ensures clients receive timely assistance tailored to their specific needs. Interactive has worked with several leading financial services organisations over the last decade, and can assist with smooth migrations and transitions, reduced downtime, and enhanced resilience.

 

Featured customer stories

Customer Stories < 1 minute read
Read how Interactive helped illion migrate its digital technology and security infrastructure to public cloud.
Customer Stories < 1 minute read
Learn how a client gained an Azure solution with improved security, visibility and productivity with our help.
Customer Stories < 1 minute read
A successful migration to our private cloud platform enabled illion to quickly scale and meet market demand.

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