Technology Record - Issue 28: Spring 2023

119 “AI applications provide three overarching benefits including transforming the customer experience, empowering employees and providing deeper insights.” Firms are looking to use AI to do more with less by automating and processing data more effectively. They are also looking to reshape how they engage with customers to deliver products and services successfully, whilst improving the employee experiences. Cybersecurity is a priority too, especially since cybercrime is on track to cost the world $10.5 trillion every year by 2025, according to CyberCrime Magazine. And this is all while financial services companies are progressing their sustainability initiatives. Overcoming obstacles “Financial services organisations also need to continue reshaping customer engagement modalities and deliver experiences, products and services that are consistent, contextual and personalised to compete in the current environment,” says Karassik. Businesses can do this by implementing Microsoft Cloud for Financial Services, which provides a powerful and flexible platform that unlocks business value and deepens customer connections. It does this through a combination of cloud capabilities from Microsoft 365, Dynamics 365 and Power Platform. Users can also deliver personalised customer experiences and empower their employees by streamlining customer onboarding to provide easy access to loan applications and self-service tools. “With the right tools and insights, companies will be able to increase productivity and “ Ironically, the use of AIpowered insights in this manner can also create more human-focused and personal service experiences” RONI KARASSIK, MICROSOFT FINANCIAL SERVICES Image: iStock/Rassco