Digital transformation is a necessary component for staying competitive in the money services industry. The process itself, however, can be drawn-out and tedious, and improper execution can lead to data losses and wasted money. Here are the top three ways to ensure an efficient and speedy transition with minimal disruption of your daily processes.
1. Partner with a Third Party
Working with a third party partner can offer immeasurable advantages to your team. Third party partners help you evaluate and compare offers to choose the right solution to serve both your short-term and long-term goals.
UCXmarket provides a space for you to select from both emerging and well-established vendors as they compete against one another for your business. This proprietary platform eliminates the need to navigate the less-than-transparent cloud market landscape, freeing you up to make informed decisions based on the criteria you’ve laid out in your digital transformation plan.
The UCXmarket process is driven by price discovery with free quotes and no buyer transaction fees. Once you’ve selected the product that is right for you, UCX will help you with the migration process and make sure you and the CPS you’ve chosen are set up for success.
2. Explore Options Outside the “Big Three”
You don’t need to work with AWS, Google, or Azure, to find a home for your business in the cloud. Exploring options outside of these "big three" cloud players will help you more quickly find the option that truly fits your needs.
The marketplace is full of CSPs that provide comparative functionality at a significantly lower cost. Working with a third party to shop for products based on your needs can help you cut out excess services and functions and provide your team with a tailor-fit solution without the big-name price tag.
3. Create a Culture of Innovation
Resistance to change and risk aversion are persistent challenges for money service businesses in the digital age. Your digital transformation will affect every level of your organization, so thorough preparedness is an integral component to the process.
Creating a culture of innovation means fully educating your team on the value of digital transformation and keeping them informed during each stage of the process. Full transparency and engagement between you and your team will create a degree of enthusiasm and momentum that will speed your transformation along.
Bringing it all Together
Converting to a digital business environment is key to staying competitive as a money services business. Accelerating your digital transformation means an increased focus on preparedness and adaptation. Aligning your team and working with third-party professionals will start you on the path to success, and regular testing and solicitation of feedback from your team will help you achieve and maintain it.
How UCX Can Help
If your MSB is planning to migrate to the cloud, contact us to learn how UCX can help you achieve your goals. If you’re ready to begin shopping for cloud services on UCXmarket, you can sign up for free now.