Microsoft launches cloud platform for financial services

Technology giant Microsoft has announced the launch of its new cloud platform for the financial services market.

Microsoft Cloud for Financial Services integrates existing and new capabilities in Microsoft 365, Azure, Dynamics 365, and Microsoft Power Platform.

The new offering includes solutions to address banking customer insights, banking customer engagement, customer onboarding capabilities, and loan manager capabilities.

Its customer acquisition and engagement feature tailors customer experiences with a 360-degree view of the customer and suggested next actions, by bringing together financial, behavioural, and demographic data, while a remote sales and service feature enables virtual connections with employees and customers.

The onboarding, servicing, and support capability includes a customer onboarding feature which gives customer access to loan apps and self service tools.

A banking customer engagement tool personalises customer interactions by using customer insights, enabling customers to engage with their preferred channel and enabling companies to manage service journeys across different channels.

The cloud platform’s ‘Loan Manager’ feature enables automation and collaboration across front and back office.

“The nature of fraud and financial crime is constantly evolving, making it important to identify outliers faster in order to respond to the newest criminal topologies and protect financial institutions and their customers,” wrote Bill Borden, corporate vice president of worldwide financial services at Microsoft in a company blog. “Additionally, many banks tell us that they are constantly reviewing their portfolios to manage risk, including reducing operational risk and meeting regulatory requirements.”

The platform addresses financial crime with its adaptive AI-driven tech financial crime protection feature which learns evolving fraud patterns and its risk analytics feature which uses scalable compute and analytics to power modelling, insight and regulatory reporting.

“Microsoft Cloud for Financial Services can help you modernise older batch-based core systems to operate in a more agile, data-driven real-time way and help use your APIs to support new models such as Open Banking and meet regulatory demands,” said Borden.

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