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SaaS is enabling digital transformation for banks moving to the cloud.

Why SaaS, the Software as a Service model, is guiding digital transformation in banking

September 29, 2020
 

Photo by Chalo Garcia on Unsplash


We have mentioned before –  and we were not the only ones – how the effects of COVID-19 pointed out which businesses were well-prepared in terms of technology. Most of the companies have been responding with resilience, leveraging the new scenario as a catalyst for digital transformation.

 

It has been no different for the banking sector. According to the Financial Times, digital transformation has a way to go: the cloud. McKinsey projects that up to 90% of the global banks' workload will be cloud based in up to 10 years. The overall perception, however, is that migration has accelerated since the pandemic.

 

One of the reasons is very clear: cost control and reduction in a period of instability. In addition to reducing the need for physical space and IT structure, cloud solutions are flexible and scalable, and can be adjusted according to operational needs. With lower barriers to entry, a fast software implementation can also help improve internal processes and quickly shift the financial perspective.

 

But adopting cloud solutions such as SaaS (Software-as-a-Service) can lead to even more advantages.

 

What is SaaS?

 

SaaS, or Software as a Service, is part of a set of cloud based solutions, which also includes PaaS (Platform as a Service) and IaaS (Infrastructure as a Service). This business model allows commercializing and distributing software on-demand.

 

Email, calendar, and other Office 365 or G Suite tools are everyday examples of SaaS. But, especially for companies, it can also mean sophisticated applications, such as multichannel communication management and data validation.

 

5 advantages of moving to SaaS applications

 
  1. Reducing costs with software licenses and updates;
  2. Less need of space for storage, equipment and IT infrastructure;
  3. Reliability and security;
  4. Improvement of process efficiency thanks to automation and integration;
  5. Finally, it all results in the greatest advantage for an organization: focusing on core business activities.
 

:hiperstream’s vision for Saas


As an enabler of businesses’ digital transformation, the solutions designed by :hiperstream have always been focused on making this journey easier. Our evolving expertise and constant improvements to DVA (Data Validation Automation), led to the rules marketplace. DVA is a custom software that enables automated validation of large volumes of data in transactional and financial communications. Based on this, the marketplace is a set of plug and play rules  – easily integrable and ready to be put into operation.

 

Offering SaaS model was the outcome of years of working closely with clients from a variety of industries - as Banco Carrefour, in Brazil. See some examples of custom rules created for clients to stay up-to-date to regulations in the banking sector, efficiently and safely.

 

Rules can also be tailored according to the business needs – with no coding required. And DVA will also work combined with another :hiperstream software, CCM, to manage communications and apply multichannel segmentation. That’s a complete solution for financial communications management.


We believe that by addressing these steps, banks – and its people – can start focusing on core activities for the company, such as new businesses and services, and building relationships with customers. SaaS solutions enable the scalability and security to do so. Contact us to understand how :hiperstream can support your company's business objectives.

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