Microsoft set to roll out financial services cloud next month

Richard Humphreys
Richard Humphreys
By Richard Humphreys on 06 October 2021
Microsoft set to roll out financial services cloud next month

Microsoft is set to launch a financial services-specific cloud offering on 1 November, with Virgin Money UK becoming one of its early users.

Microsoft Cloud for Financial Services offers users the potential to innovate and a change for sustainable growth. “Our industry cloud has a foundation of privacy, security, and regulatory compliance across Microsoft and our partner ecosystem, and it is built on an industry data model that enables interoperability and innovation,” said Bill Borden, corporate vice president of worldwide financial services at Microsoft. “In addition, we are releasing new capabilities to help enable retail banks to enhance customer and employee experiences as well as drive loyalty and customer growth.”

Microsoft Cloud for Financial Services integrates cloud services across Microsoft Azure, Microsoft 365, Dynamics 365 and Power Platform, and is underpinned by an industry data model, with capabilities and customisation unique to the financial services industry.

“It was designed to handle even the most complex control frameworks and regulatory requirements facing the industry, with our multilayered security, comprehensive compliance, and trust commitments built in,” said Borden. “All this helps enable financial institutions and our industry partners to unlock unprecedented value.”

Virgin Money UK is part of a group that has partnered with Microsoft to preview the new offering and help inform future capabilities.

“At Virgin Money UK we are always looking at ways to innovate and deliver a world class, digital customer experience,” said Fraser Ingram, chief digital and innovation officer at Virgin Money UK. “We see Microsoft Cloud for Financial Services accelerating that journey of digitising our customer experience, while enabling us to scale and grow. 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 has also lined up a host of service partners, including Accenture, Avtex, Capgemini, EY, KPMG, and independent software vendor partners like Finastra, VeriPark, and Zafin, who are joining the launch.

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