Home of IT, October 5 - Earlier this year, Microsoft announced three new industry-centric cloud offerings. Today, Microsoft announced the full rollout of Microsoft Cloud services for financial services starting November 1, 2021.
According to the introduction, the service has the following features:
Improve customer and employee experience
Microsoft Cloud for Financial Services aims to address the critical needs of retail banking by creating the differentiated customer experience consumers now expect and empowering employees through teamwork.
Microsoft's cloud for financial services will provide a better way to modernize core banking services, develop deep analytics, and enable new ways to reach customers without compromising strict compliance requirements.
Unify customer profiles: Help financial services organizations pass 360& DEG by integrating financial, behavioral, and demographic data; To customize the customer experience.
Customer onboarding: Provide customers with easy-to-access loan applications and self-service tools that help streamline the loan process to enhance customer experience and loyalty, while improving organizational and employee productivity.
Bank customer engagement: Help personalize customer interaction through financial understanding to engage customers in meaningful ways on their preferred channels, while intelligently managing their cross-channel journey to reduce customer churn and problem solving time.
Collaboration manager: Achieve front and back end automation and collaboration. Help improve communication between businesses and consumers to speed up the loan process, minimize errors and enhance the customer experience.
Combating financial crime
According to Javelin Strategy & AMP; While total fraud losses climbed to $56 billion in 2020, identity fraud still accounted for $43 billion of that total, according to Research. With more transactions and online customers than ever before, there is a need to analyze data and achieve the uniqueness of an organization's business. Addressing fraud not only protects customers, it also protects an organization's reputation and protects against regulatory risk. Microsoft Cloud for Financial Services features in this area include:
Account protection: Helps financial institutions protect their reputation at the digitally identified account layer by helping identify and prevent fraud in account creation and login. This helps prevent bot attacks, fake account creation, account takeovers, and fraudulent account access.
Purchase Protection: Use advanced adaptive artificial intelligence to help protect financial institutions and merchants' merchant services departments from online purchase fraud, reduce false positives and optimize acceptance rates.
Manage security and compliance
Global and regional regulatory compliance requirements continue to expand, with most organisations facing difficulties in keeping up with increasing demands and higher levels of scrutiny from financial services regulators. Cybercrime also increased dramatically during the pandemic -- in the United States, for example, the FBI's Internet Crime Complaint Center saw a 100 percent increase in cybercrime complaints in 14 months -- and attacks became more sophisticated. Financial services organizations that use the latest technology to manage their overall security and compliance profile will find themselves in a better position to address these risk management and compliance challenges in a rapidly changing world. Microsoft Cloud for Financial Services features in this area include:
Risk Assurance and Support: High-quality white-glove services provided by a dedicated team of engineering subject matter experts support internal and external risk, audit and compliance teams to address financial services regulatory compliance, cyber security and privacy issues.
Regulatory compliance Assessment: Helps organizations more easily and conveniently manage compliance requirements, from taking inventory of data protection risks to managing the complexity of implementing controls, keeping up with regulations and certifications, and reporting to auditors.
Integrate the power of partnerships
The power of the Microsoft cloud for financial services does not end with first-party technologies and solutions. Microsoft partners have played an important role in its success and scalability.
In addition, the industry data model of the Microsoft Cloud for Financial Services enables Microsoft partners and customers to extend the value of the platform through other solutions.