American tech giant Microsoft has revealed that its cloud offering aimed at the financial services industry will be available from 1 November 2021.
The technology vendor has also onboarded Virgin Money UK as an early user of the new offering, called Microsoft Cloud for Financial Services.
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The new offering is designed to optimise business processes by enabling interoperability and omnichannel communications.
Microsoft Cloud for Financial Services integrates cloud services such as Microsoft Azure, Microsoft 365, Microsoft Dynamics 365, and Microsoft Power Platform.
According to Microsoft, its new offering is designed with ‘the most complex control frameworks and regulatory requirements facing the industry’ in mind.
Additionally, the new offering will aid in reducing product’s time to market, turn data into insight and protect against fraud.
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By GlobalDataMicrosoft corporate vice president of worldwide financial services Bill Borden wrote in a blog that the new offering is designed to address the needs of retail banking.
Virgin Money UK chief digital and innovation officer Fraser Ingram said: “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.
“This transformation will also support our efforts to enhance our employee experience, empowering our frontline colleagues to deliver the best heartfelt service for our customers, working together to make money simpler and easier.”
Microsoft Cloud for Financial Services uses financial, behavioural, and demographic data to enable financial services organisations to offer tailored services.
Furthermore, the cloud technology seeks to streamline the customer onboarding process, improve bank-customer engagement, and enable automation and collaboration across the front and back office.
