Microsoft for financial services: Empowering intelligent banking
It’s a transformative time for the financial services industry. In the fast-changing, tech-driven world banks now live in, they recognize that technology can play a role in helping them meet both their customers’ expectations and challenging regulatory requirements. Microsoft and its partners have never had a greater opportunity to make a difference in financial services. Changing customer expectations, new business models, the threat of disintermediation, fraud and cybercrime are only a handful of the forces driving significant change for banks. Microsoft’s cybersecurity and cloud solutions deliver a secure, compliant, and intelligent banking platform, and coupled with industry leading partner solutions we can enable the digital transformation that will unlock new opportunities for our banking customers. This is the second post of the industry partner opportunity blog series, and you can read the introductory post here.
Empowering financial services to achieve more
Financial organizations recognize they have a unique opportunity to accelerate the use of cloud to improve competitiveness, elevate customer experiences, and keep ahead of a changing regulations and cybersecurity threats. Addressing these challenges requires agility, the right partner, and the ability to think holistically across both the technology components—infrastructure, responsive customer relationship management services, back office, productivity, data and AI—business processes, and people change associated with large scale digital transformation efforts.
Successful digital transformation also requires new ways of thinking about how banking companies get the return on investment (ROI) and value that they want. Over the years that Microsoft has been helping customers with their digital transformation journey, we have noticed that the most successful ones are focusing in on four areas to unlock the value they seek. These are:
- A vision and strategy that taps into human ambition and sparks imaginations.
- A culture that keeps teams connected, elastic, and invites change.
- Unique potential that unlocks and amplifies the value it creates.
- Capabilities that enable organizational transformation.
Executing against each of these elements is critical to success. For example, there is no ROI without adoption, so driving the cultural and people changes necessary to drive adoption and use is vital. Each of these four areas are opportunities for Microsoft partners to play a critical role in helping banking customers shape their strategy, and plan to get the full value from their digital transformation efforts.
Microsoft partners seizing the opportunity
Talking about change is timely as SIBOS, the banking industry’s flagship event, recently took place in London. Events like SIBOS make it clear that technology is redefining the financial world. Microsoft attended SIBOS as did some of our Microsoft partners who showcased their solutions, and I want to highlight a couple of them.
At SIBOS, Temenos announced the release of the Temenos Peer Group Identifier, an AI-powered financial profiling tool to assist banks in improving their customer experiences by focusing their financial crime detection efforts on the highest risk transactions. The new Temenos Peer Group Identifier capability uses advanced statistical analysis and machine learning to assess large quantities of data to form a unique financial ‘DNA’ for each customer. This development is the result of a close collaboration between Microsoft AI in Redmond and Temenos’ AI Centre of Excellence. The models were built using Microsoft Azure and can be deployed on a variety of technology platforms.
Finastra’s open platform announced last year called FusionFabric.cloud allows partners to develop on top of its core solutions via open APIs. Through a relationship between data scientists from Microsoft and Finastra, Finastra’s innovation team has implemented 90-day agile sprints to test out innovation in products and is able to accelerate the launch for those that meet the bar. One product launching broadly this year, is a mortgage lending product called Fusion Mortgagebot Data Insights, that uses predictive analytics connected into Power BI, AI and Machine Learning that can predict confidence rates of loan acceptance. This means that consumers will spend less time waiting to see if their mortgage is approved, facilitating a better experience with less overhead for lending companies.
We’re excited to see how you will use Microsoft and your technology solutions to help banks empower their digital transformation efforts and reshape the customer banking experience. Thank you partners for making more possible.