Technology Record - Issue 23: Winter 21/22

102 www. t e c h n o l o g y r e c o r d . c om retail banking by creating differentiated customer experiences consumers now expect and empowering employees through teamwork,” said Borden. In fact, according to Capgemini’s most recent World Retail Banking Report, 81 per cent of consumers said easy access and flexible banking will motivate them to switch to a new-age financial provider. This means that, as customers continue to interact with their bank via digital channels, continued focus to ensure data connectivity, interoperability of ecosystems, and actionable insights are key to retaining customers and winning over new ones. “Additionally, employees need to have the right tools as well as change management in processes to adapt to the current environment to service customers and support each other and their respected departments,” said Borden. “Armed with customer insights and processes that offer automation, collaboration, and communications, employees can excel in their roles and are given a better opportunity to accomplish their goals.” Microsoft Cloud for Financial Services offer a number of capabilities in this area, including a unified customer profile which helps banks and insurers to personalise customer experiences by bringing together financial, behavioural and demographic data. Meanwhile, customer onboarding provides customers with easy access loanapps and self-service tools, helping streamline the loan process to enhance customer experience and loyalty while increasing organisational and employee productivity. Banking customer engagement helps banks to tailor customer interaction so that they can connect with customers on their preferred channel in a meaningful way. And collaboration manager enables automation and collaboration across front and back office. Financial services firms also have unique needs when it comes to combatting financial crime, and the Microsoft Cloud for Financial Services can help here too. “Total combined fraud losses climbed to $56 billion in 2020, and identity fraud scams accounted for $43 billion of that cost, according to a study by Javelin Strategy & Research,” said Borden. “With a vast number of transactions and more customers online than ever, there is a need to analyse data and implement the unique nature of an organisation’s business. Addressing fraud not only protects customers but also safeguards an organisation’s reputation and protects from regulatory risk.” With this inmind, MicrosoftCloud for Financial Services offers account protection which helps to F E ATUR E “Our partners are dedicated to better serving customers”