Last month, speaking at HP’s first Global Partner Conference, Satya Nadella said that channel partners are in the midst of digital transformation opportunities in every different type of organization. “There isn’t a business out there – whether it’s in retail, banking, healthcare – that doesn’t think of itself as a digital company going forward,” said Nadella.
Many of our partners demonstrated the truth of that statement this week at Sibos, the world’s premier financial services event in Geneva, Switzerland. With more than 80% of the world’s largest banks as Azure customers, Microsoft partners are indeed leading business transformation in the financial services industry, addressing competitive dynamics, and seizing the cloud opportunity. Read on to learn from partners that are verticalizing, rethinking business processes, turning data into insights, and capitalizing on new, innovative technologies.
Providing Value to Customers
Business leaders want to find new customers and markets, create new products and services, and completely change how their businesses and their people work. To keep pace, financial institutions must blend digital and in-person experiences, rely more heavily on the mobile experience, and deliver more intelligent, personalized offers to meet customers when and where they are in the decision making process.
Mobile banking example: Temenos
Bringing value to customers can have very different meanings for different partners depending on their vastly diverse customer markets. Consider that today, there are more than 2 billion people without access to basic banking. Temenos is one example of a partner working with financial institutions to give people in developing countries access. Using Azure-powered Temenos software, financial institutions are able to reach even the remotest customers around the world. In fact, Temenos gave access to 10 million people in the span of just two years. Today, loan officers can travel to meet customers where they live and work, and conduct secure transactions using smartphones and tablets with Temenos software and the Microsoft Cloud.
Retail banking app example: Jack Henry Banking
On the other end of the spectrum, imagine a market where nearly every person above a certain age has at least one bank account. In the U.S. this is a reality, 18% of millennials switched their primary bank within the past 12 months. Compare that to 10% of customers ages 35 to 54 and 3% of people 55 and older (as described in Accenture’s 2015 Consumer Digital Banking Survey). In order to bring new value to customers in this type of market, Jack Henry Banking developed the Branch Anywhere app on Windows Together. With tablets such as the Microsoft Surface Pro 3, Jack Henry is transforming how staffers serve and delight their customers in retail banking locations today while improving customer experience and service efficiency.
Responsive banking example: Veripark
Another unique approach is one Veripark has created with Next Best Action (N.B.A.), a leading customer-centric technology that considers all the possible actions during a customer interaction and recommends the next best one, thereby increasing the likelihood of positive response. Their digital solution can deliver intelligent and coordinated messages across all inbound and outbound channels, such as contact center, branch, web, e-mail, and social media. The solution is targeted at the Financial Service (FinServe) Industry. It also has the added power of ensuring regulatory compliance and that the customer is at the heart of the bank’s business decision making. Watch the video.
Digital transformation across industries
Only 22% of financial services companies are sharing data across functional areas. Yet financial services institutions are sitting on a mountain of both structured and unstructured data. It’s one of their best assets. But this, and many other assets like it, are not unique to the financial services industry. Mountains of data and mountains of opportunity are waiting to be turned into insights within each and every company. The question is, how will you bring value to customers by leveraging those assets?
How do you plan to leverage your information assets to deliver value to your customers? How have you seen it used successfully within your own vertical? Share your story in the comments below.