Microsoft has expanded its Cloud for Financial Services offering with new features in compliance and risk assurance, customer experience, data analysis and more.
The firm has added the Compliance Program for Microsoft Cloud to the Cloud for Financial Services to help customers navigate the complexities of meeting regulatory requirements around the globe. The service will provide users with four key features: Ask an Expert, Risk and Control Mapping, Compliance Community, and Proactive Risk Assurance.
The expanded offering will provide further support for users with the addition of ‘Intelligent appointments’. The tool offers customers a self-scheduling meeting experience on their preferred channels. According to Microsoft, it quickly matches customer financial product inquiries with banking experts so that customers can find contacts with the relevant skills and availability for virtual or in-person appointments.
Microsoft has also updated the Cloud for Financial Services with new data-based capabilities. “By migrating to the cloud and taking advantage of common data models, financial institutions especially are better able to put their data to work, apply intelligence, extract insights, derive new business models, and deliver better, more differentiated customer experiences through modernised applications that drive new growth,” said Bill Borden, corporate vice president of worldwide financial services at Microsoft.
To that end, it has added a set of new features to put data to work:
- Onboarding application: with automated document workflows enriched by artificial intelligence
- Unified client profile: which outlines a client’s financial status, investment portfolios, financial goals, important life moments, and other personal attributes
- Property and casualty insurance data model: to capture information about policy and coverage, claims, and insurance providers and producers
- Wealth management data model: to capture information about financial goals and investment instruments specific to wealth management
- Small business data model extension: which extends the data model foundation of Microsoft Cloud for Financial Services to represent individuals and link small businesses to individual financial holdings
In addition, Microsoft has made the Cloud for Financial Services available in Brazil, Singapore, and the special administrative region of Hong Kong, with plans to continue expanding into new markets over the coming months.
“Our goal is to equip every financial organisation with the digital capability required to succeed in today’s challenging economic and regulatory environments,” said Borden. “We remain committed to helping our financial services customers improve time-to-value, reduce costs, increase agility, accelerate innovation for sustainable growth, and create deeper customer connections.”