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Microsoft rolls out its financial services-specific cloud offering

05 October 2021 Be the first to comment

Yahya Mohamed Mao

Head of Business Development & Marketing

Swiss GRC

Microsoft Cloud for Financial Services (MCFS), Microsoft's recently announced Industry Cloud, brings capabilities such as multi-level security and comprehensive compliance coverage to provide a differentiated customer experience, manage risk, improve employee collaboration and productivity, and modernize core systems. MCFS is an industry-specific end-to-end cloud that combines existing and new capabilities which are unlocked by the innovative power of Microsoft Azure, Microsoft 365, Microsoft Dynamics 365 and Microsoft Power and is responsible for sustainable growth. Furtermore, the financial services enables financial companies to gain deeper insights that are useful for decision-making, such as personalized actions that reach customers and those that do not. The uniform customer profile provides with customer data such as financial and behavioural patterns as well as demographic data. The aim is to improve the customer experience in banking by pooling data from across the industry and developing a more comprehensive view of customers. With Microsoft Azure, financial companies have the infrastructure and security to take the customer experience to another level.

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As Microsoft explains, Industry Cloud offers a number of networked and compatible features that can be implemented individually according to customer interests. One key solution is HCL Technologies (HCL), a leading global technology company that offers PowerBanking products that help leverage the available capabilities of Microsoft's recently announced Industry Cloud and Microsoft Cloud for Financial Services. According to the company, Microsoft's solution provides the essential building blocks for a range of connected customer experiences, data, workflows and artificial intelligence based on Microsoft Azure, human workflows in Microsoft 365, business processes in Microsoft Dynamics 365 and Microsoft Power Platform.

Why the cloud is indispensable for the financial sector

To succeed in today's climate, financial service providers need to be agile and data-centric, which requires modernizing old systems. Microsoft Cloud Financial Services can help you modernize old batch-based core systems to work in real-time, data-driven and agile, leverage your APIs and support new models such as open banking to meet regulatory requirements. In a highly competitive industry, where companies outside the banking sector are increasing their FinTech innovations, modernizing older systems can help accelerate new products and services, better support data-based needs, and improve the user experience on the front end.

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Banks can now be more agile and flexible in responding to the latest industry and customer requirements. The modernisation and the move into the cloud will enable banks to remain competitive, compliant and future-proof. In most areas, this is made possible by Microsoft Azure data and AI solutions that aim to modernise core banking systems, payments, the fight against financial crime and differentiated customer experiences. This release includes new features to help retail banks improve customer and employee experiences and drive customer growth. Banks can build on the capabilities available in Microsoft Cloud Financial Services and leverage them to provide comprehensive customer retention scenarios for private banks offered as part of the Microsoft Cloud. The aim is also to combat financial crime, protect banks and their customers and reduce compliance costs.

The strategic partnership between Microsoft and Morgan Stanley

Microsoft and Morgan Stanley have formed a strategic cloud partnership to accelerate their digital transformation and drive cloud offerings for the financial services industry. Morgan Stanley and Microsoft plan to "explore the opportunities Microsoft Azure offers to address the industry's challenges and enable us to modernize our IT environment and improve the experience for customers, employees and developers," the companies said last month. Microsoft will offer financial services-specific cloud services to the public from next month, with Virgin Money being an early user in the UK.

The strategic cloud partnership is designed to help Morgan Stanley meet customer needs in a complex regulatory landscape and growing cyber threats. In its latest financial reports, the cloud has become a major earner for tech companies. Microsoft points out that over the past year, the digital transformation has accelerated across the enterprise, which has affected partners and customers throughout its entire ecosystem.

Microsoft grabs huge cloud deals

Financial services giant UBS and two other major global groups based in Switzerland, the Swiss Re Group and Swisscom, will leverage Microsoft's two new Azure Cloud regions in Switzerland to meet growing international demands on data remuneration and cybersecurity. Microsoft has significantly expanded its arsenal of cloud sales as part of its new deal with EY. Under the new agreement with EY, Microsoft will implement one of the largest corporate launches and train thousands of EYs professionals in Microsoft technology as well as simplify regulatory hurdles for cloud adoption. In the company's most recent quarterly report in July, Microsoft reported that revenues from its Intelligent cloud division was $17.4 billion in the quarter, a 30 percent increase to $13.3 billion year-over-year.

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