One of the key factors for companies in the digital age is ensuring that consumers can access their information quickly and efficiently. When these processes become too slow, this can have a damaging effect on the user experience.
A recent blogpost by financial analytics API developer Kidbrooke discussed this point in more detail, with the company stating a sluggish digital wealth management journey could lead many visitors to not want to come back to using a slow service.
Financial institutions just like a vast range of other digital businesses must be nimble enough to adapt to the forever evolving expectations of the consumer, and roll out new digital services that aim to meet the necessary requirements for speed and cost-efficiency alongside delivering reliable evaluation of the underlying financial decision making. According to Kidbrooke, the solution that is imperative to this entire process is cloud-native technology.
Why is this? Cloud technology can enable banks and insurers to use open-source platforms, tools and frameworks in order to create the applications that maintain speed and security expectations.
Kidbrooke said, ?In the world of financial planning, the speed of customer journeys is closely tied to using cloud technologies. Cloud-native applications tend to show low response times and scalable performance.p>
The company also added that when developing digital applications, cutting concerns and quality compromising while commonly saving time can have just as much a damaging impact on the customer relationship as a lack of speed and scalability.
Kidbrooke added, ?Realistic underlying assumptions and the quality of calculations underpinning financial decision-making make up the core value offered by financial institutions. It is hardly a space for cutting corners and compromising on quality, as the financial evaluations delivered by your institution are deeply connected to customer experience.p>
The firm also emphasised the benefits of a stateless architecture to deal with privacy-related compliance concerns. Kidbrooke detailed in the blogpost, ?A stateless architecture is a software design concept. It means that each request from the client to the server must hold all the information necessary to understand the request and cannot take advantage of any stored context on the server.
?Thus, stateless applications are more secure than stateful because they do not store sensitive data and therefore does not bear the risk of being leaked. Furthermore, each session is carried out as it was the first time, and responses are not dependent on earlier sessions.p>
Read the full blogpost and access a full case study of the company financial simulation engine here.
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