Banking is a prime example of an industry where Microsoft partners are paving the way to a new customer experience. Whether they're securing payments or harnessing AI and big data to improve risk management, Microsoft partners are on the front lines, addressing global challenges and driving industry change.
Redefining the banking experience
Industry events such as Sibos, taking place this week, make it clear that technology is changing financial services and the customer experience. To keep pace, financial service companies are continually looking for ways to enhance the customer experience while managing high levels of risk, regulation, and security. The most innovative firms are using the latest technologies to create better experiences and empower customers to achieve their financial goals.
When it comes to banking, customer expectations have changed and they will continue to do so as technology evolves. Businesses need to modernize processes and operations to save money and increase agility, while at the same time delivering fantastic customer experiences. But while financial services firms are invested in their journey of digital transformation, they often need the support of a Microsoft partner to meet their goals of creating a more digital banking culture.
Here is one example of how partners can set themselves apart by redefining the banking experience.
Scaling solutions with the cloud
Microsoft partner Finastra continues to build on their relationship with Microsoft by migrating their full suite of corporate banking capabilities to Azure - including everything from payments to cash management and supply chain finance. With Azure, Finastra has optimized existing business processes while accelerating development with greater stability and digital intelligence. This ability to evolve with a rapidly changing market is what gives Finastra an edge over their competition in the financial services industry now and in the future.
"Our partnership with Microsoft is a key element of our Finastra cloud strategy, providing us with leadership, support and know-how to help us transform and enable our products for the cloud. We have already transformed several of our market leading products in the lending space by leveraging Azure Platform-as-a-Service, and we will continue to depend on Microsoft as a key partner on this journey as we look to deploy products, platforms and APIs on the cloud across all our corporate banking offerings" - Hugh Cumming, CTO of Finastra
Finastra's chief technology officer (CTO), Hugh Cumming, says that banks are under increasing pressure to transform from all sides. Balancing an increase in transaction volume with shrinking margins is a challenge. Banks need to explore new ways to increase the scalability, efficiency, and cost effectiveness of their processes and infrastructure. But the key driver, according to Cumming, is the customer.
"The ultimate driver for banks is a familiar one, namely the need to provide their customers with compelling and differentiated customer experiences across the transaction banking spectrum." - Hugh Cumming, CTO of Finastra.
Hugh continued on to say that advances in technology such as AI, cybersecurity, and advanced analytics are what will drive the evolution of the industry. With the added benefits of new technology come new risks to manage and new challenges to navigate. But the way forward is clearly powered by technology solutions like Microsoft Azure.
"Machine learning/AI has the potential to truly disrupt the operations of every financial institution and unlock tremendous value for our clients and by extension their customers." -
Hugh Cumming, CTO of Finastra
As security demands and data insights grow in the financial services industry, Microsoft partners are a key resource for banks to achieve the scalability and cost savings which will provide the foundation for a new and improved customer experience.
Join us at Sibos 2017
For the past several years, Microsoft has invested in Sibos through product demos, executive speaking sessions, and a wide range of business opportunities. At this year's event, we are excited to have Microsoft CEO Satya Nadella deliver the closing keynote as well.
For those of you joining us in Toronto this week, you can register for executive meet-and-greets, briefing luncheons, and the Microsoft welcome reception here. We look forward to seeing you there!
How do you see your industry specialization being influenced by a cloud migration? Share your thoughts below.