Microsoft to launch cloud for financial services

Microsoft has announced that its cloud offering for the financial sector will be available from next month.

In a company blog, the corporate vice president of worldwide financial services at Microsoft said that the technology is designed to address the needs of retail banking by creating “differentiated customer experiences consumers now expect.”

“Microsoft Cloud for Financial Services integrates cloud services across the depth of our offerings—Microsoft Azure, Microsoft 365, Microsoft Dynamics 365, and Microsoft Power Platform—underpinned by an industry data model, with new capabilities and customisation unique to the financial services industry,” wrote Bill Borden. “It was also designed for even the most complex control frameworks and regulatory requirements facing the industry, with our multi-layered security, comprehensive compliance, and trust commitments built-in.”

Virgin Money UK is one of the first on board to deploy the industry-specific cloud platform.
Microsoft said that the financial services brand is part of a group of institutions partnering the company in preview to help shape future capabilities.

“We see Microsoft Cloud for Financial Services accelerating that journey of digitising our customer experience, while enabling us to scale and grow,” said Fraser Ingram, chief digital and innovation officer, Virgin Money UK. “Microsoft’s technologies have a broad range of applications and meaningful insights; whether it is to help advise customers on their financial plans or servicing their needs under their existing portfolio of products.”

According to Microsoft, the cloud offering enables customers to manage data to deliver differentiated experiences and combat financial crime whilst facilitating security, compliance, and interoperability.

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

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