Amid the relentless challenges due to pandemics, digital transformation has become less a choice and more a necessity. It’s what empowered the financial services workforce to continue working and servicing its customers in new and improved ways. In today’s complex financial service industry, one size will not fit all ie. each domain needs cloud infrastructure with different capabilities. That’s why Microsoft has come up with new capabilities and new cloud financial services that fit banking, retail, and several other domains.
The cloud provides effectively versatile capacity that can be scaled up or scale down very quickly through a cloud dashboard. Financial institutions need to coordinate thousands if not millions of contacts. Clients, customers, and merchants all should be conveniently coordinated and stored in a CRM or other similar databases. Cloud service providers, for example, Microsoft Azure or Amazon Web Services provide database options to permit organizations to dispatch and deal with their CRM or other data set information in the cloud. By facilitating databases in the cloud, it frees up space in internal data servers that can be used to store information that organizations are not comfortable migrating to the cloud.
The intervention of cloud computing in financial services may have got delayed, however, an ever-increasing number of banks and monetary foundations have understood the power and cost-adequacy the financial cloud platform can give.
Why Microsoft Azure is perfect for financial services?
Azure for cloud Financial Services unites capabilities with diverse security and extensive compliance coverage to deliver unique client experiences, improve employee cooperation and productivity, oversee hazards, and modernize center frameworks.
Let’s find out how Microsoft cloud for financial services is empowering employees, modernizing systems, and improving customer experience.
Data is growing exponentially and if managed properly, it can take down organizational silos to help build a comprehensive view of customers. Data insights help us predict the next step in a better way and personalize actions to resonate with the customers.
Capabilities in this area –
- Unified customer profile – It presents the 360-degree view of your customer by bringing together the financial, behavioral, and demographic data which helps in suggesting or predicting the next customer-friendly actions and raise your sale in your service.
- Remote Sales and service – Permits you to fortify virtual associations with both workers and clients to build loyalty, upsell/cross-sell and pull in new clients while meeting regulatory necessities.
For eg – Banco Sabadell is a leading private banking group that delivers amazing customer experience by using the existing capabilities of Azure cloud financial services with the help of azure solution architecture experts. Moreover, if you are also running a finance firm on azure financial services cloud or utilizing AWS financial services cloud and want to hire cloud engineers to operate better, PeoplActive can bring you reliable and certified Azure data engineers within your budget that too within 48 hours.
Onboarding, Servicing, and Support
As the global health crisis erupted, organizations have started catering to customers through digital channels. Companies have been using Microsoft Teams for video banking, digital contract signing, document sharing to enhance web and online customer experience. The updated Microsoft Cloud for financial services have helped organizations to operate and cater to their customers in a better way such as –
- Client onboarding: Cloud financial services Provides clients with simple access to loan applications and self-administration devices smoothing out the loan process to upgrade client experience while expanding organizational and employee profitability.
- Banking client engagement: Personalizes each client interaction with deep client insights to draw in with clients on their preferred channel, and manage service ventures across channels, utilizing the sentimental analysis to diminish churn and time to resolution.
- Load Manager: Enables automation, cooperation across the front and back office, and improves business to customer interactions to speed up lending processes, limit mistakes, and upgrade client experience.
Your guide to hiring a remote cloud engineer
Enterprise Operations
Microsoft Cloud for Financial Services can assist you with modernizing older batch-based core systems to work in a more agile, data-driven real-time way and help utilize your APIs to allow new models, for example, “open banking” and meet regulator needs.
Also Read: It’s high time to take DevSecOps Seriously. And here’s why
Finance and Operations Application Architecture
Chance to Expand Your Service Portfolio
Never deny a customer, as Azure is a complex hybrid platform that will permit you to grow and adapt the services you offer based on the prerequisites of your customers. It doesn’t make any difference how much your workload fluctuates, as you will consistently have all you require here and support the expenses of just what you wind up utilizing.
Nowadays, clients like cloud financial services that are custom-made to their requirements. Turn this in support of yourself and ensure they appreciate superior experiences each time they are working with your organization. With software-as-a-service and analytics offered by Microsoft Azure and AWS financial services, along with AI and machine learning, you will have the ability to get detailed solutions that will address every customer as per their necessities.
Risk Management
Fraud and monetary wrongdoing are continually developing, making it critical to distinguish outliers quicker to react to the newest criminal geographies and ensure financial institutions and their clients. Moreover, numerous banks disclose that they are continually auditing their portfolios to oversee hazards, including decreasing operational danger and meeting administrative prerequisites. Financial services organizations that can best deal with their information will be on a way to stronger risk management, which they can use as a cutthroat differentiator.
Abilities in this area include:
- Financial crime protection – It helps you protect against misrepresentation with versatile AI innovation that constantly learns evolving fraud patterns.
- Risk investigation – It enables you to exploit scalable compute processes and analytics to control regulatory reporting, insights, and modeling.
For eg – Capital One has collaborated with Microsoft to carry out a cloud-based authorization engine that improves fraud detection precision. This has been especially significant as of late as online business spending has accelerated and COVID-19 based fraud has increased.
Also Read: How Microsoft Azure is Helping Retailers Navigate the Future?
Why does Microsoft Azure win With Enterprise Customer?
With regards to established enterprises, Microsoft Azure wins more often than not. Microsoft’s profound roots in the enterprise, fundamentally around user-facing technologies, absolutely claims to medium-size enterprises that might be slacking in their digital strategies and that are truly searching for a trusted partner which can help increase their cloud usage.
Settle on top-notch financial cloud solution given by Azure and ensure that your customers and partners get the best. Using the power of cloud administrations will make the way for limitless opportunities for advancement while limiting risks.
This was all about cloud financial services and how Microsoft helps Financial Services Firms modernize, manage risk and improve productivity. Therefore, if you are also operating your business on Azure financial services cloud, do hire reliable azure solution architecture who can design and implement customized Azure solutions for your business.
Leveraging the cloud to create new business frontiers
In a survey by Finextra Research, 83% of respondents said their bank’s existing technology is unable to fulfill its needs. Furthermore, around 90% are in favor to include SaaS or cloud computing in financial services in their new infrastructure.
The banks and the financial firms of 2030 will look very different from what they are today. Confronting the new consumer expectations and emerging technologies, financial firms need to start putting leverage the financial cloud services that help them be prepared and fulfill the demands of future customers. The Financial cloud computing has become a primary focus for the C-suite executives, chief information officer, and various board members.
Kartik Donga 
Urmish Prajapati 