Financial services organisations should prioritise reducing costs, rethinking customer engagement and elevating employee experiences, according to a Microsoft executive.
In a blog post on the Microsoft website, corporate vice president of worldwide financial services Bill Borden has listed six areas of focus, as follows:
1. Cost take-out and doing more with less
2. Rethinking customer engagement
3. Elevating employee experiences
4. Expanding security horizons
5. Advancing sustainable finance
6. Exploiting data and insights.
Borden provides more detail on each, for example explaining that: “doing more with less also means applying technology to amplify what institutions are able to do across their organizations so they can differentiate and build resilience.”
He adds: “Key to advancing all of the above and laying the foundation for future success is becoming a data-driven business,” and he goes on to outline how the power of today’s cloud and artificial intelligence advancements will be key to overcoming challenges.
“Through our Microsoft Cloud technology, the industry-specific capabilities in Microsoft Cloud for Financial Services and Microsoft Cloud for Sustainability, and our global partner ecosystem, we enable institutions to bring data and information flows together with insights to enhance customer and employee experiences, optimize business processes, accelerate products to market, speed time to value, do more with less, and enable a greener financial services industry,” said Borden. “The security, compliance, and scale of the Microsoft Cloud provides a trusted foundation for efficient operations today and sustainable growth tomorrow.”
Read the full blog post: Six priorities for the financial services industry in 2023