At Sibos 2014, Microsoft, its customers and partners are demonstrating how Windows 8.1 apps, cloud solutions and customer relationship management (CRM) tools are helping financial institutions digitise their services.
Companies such as Citi, Fidelity Information Systems (FIS), Pershing (part of BNY Mellon) and Temenos are all at the conference – which is being held in Boston, US, this week – to showcase their latest apps and services.
New Windows 8.1 apps on show include Pershing’s NetX360 app for wealth and investment managers; Citibank’s CitiDirect BE Tablet for Windows 8.1 app for senior-level corporate treasury professionals; and FIS’s TouchPoint Suite, which improves the customer relationship lifecycle across all delivery channels.
Microsoft partner Temenos is also highlighting how the cloud can help banks conduct business in underserved and emerging markets. The company, which runs its T24 core banking and microfinancing solution on Microsoft Azure, is helping companies to deliver financing services to poor and rural populations in Mexico, Africa and Myanmar at a very low cost.
Writing in a blog post, Karen Cone, Microsoft’s general manager of Worldwide Financial Services, highlighted that the need for banks to become digital businesses is more critical than ever.
“New competition in the financial services industry, regulatory pressures and the growing percentage of millennials (75% of the workforce by 2025) who expect digital experiences whether as a consumer, employee or corporate customer are creating massive pressure for banks to change,” said Cone. “Leaders in the digital bank transformation are not leaving it to new market entrants to own the future of banking. They’re bringing together the cloud, mobile technology and data as the first step to a future of truly digital banking where computing is ubiquitous and makes it possible for financial institutions to be present in the financial lives of their corporate and consumer customers anytime, anyplace, across any channel and device.”
Microsoft is also profiling a number of banking institutions – including RBS-Natwest, Saudi Investment Bank, Maybank, Group Finance Strategy and Systems, and Citi Private Bank – that have implemented its customer relationship management (CRM) platform, Dynamics CRM, to become customer-centric organisations, rather than transaction-based businesses.
“To become customer-centric organisations, banks must first think from their customers’ perspectives,” said Wayne Morris, corporate vice president of marketing for Microsoft Dynamics. “They need solutions that enable them to deliver amazing customer experiences, while also safeguarding customer data and meeting complex regulatory requirements.”
RBS-NatWest Business Banking, for example, has deployed Microsoft Dynamics CRM, which has more than 4.25 million users, to provide its employees with a unified and detailed insight into individual customers. This has helped employees to tailor their services and interactions to suit the preferences and needs of consumers, improving the customer experience.
“Knowledge is powerful, especially when creating a tailored banking experience for business customers,” said David Russell, head of CRM services at RBS-NatWest. “Microsoft Dynamics CRM unites teams, saves time and helps NatWest make customers happy. With Microsoft Dynamics CRM, RBS-NatWest has achieved more than 95% user adoption, better connected teams and more valued customer service.”
In addition to enhancing customer management, many financial services institutions have implemented Microsoft Dynamics CRM to improve risk and contract management. For example, Maybank has used the platform to reduce contract processing time by 80%.
Technology providers, such as HP and Avanade, are also building solutions on top of the Microsoft Dynamics CRM platform to deliver financial services organisations and banks with the tools they need to improve their operations and meet evolving customer preferences.
“Microsoft provides a leading CRM solution with an extensible platform, which we’ve used to build a loan origination solution and will apply to additional industry-focused solutions,” said Anthone Withers, director and general manager of integration services at HP. “These solutions, combined with a broad portfolio of IT and consulting services and deep industry expertise, allow us to holistically address the business needs of our financial services customers.”
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