Technology Record - Issue 32: Spring 2024

91 FINANCIAL SERVICES an integrated, holistic approach that implement all three principles across the entire organisation, improving the efficiency and the effectiveness of the organisation’s overall efforts. By modernising core functions, financial services organisations gain the level of visibility needed across the entire organisation that allows for effective regulatory compliance reporting. Once data is consolidated in the cloud, real-time updates allow the firm to ensure that follows all relevant regulations. Cloud risk management requires multiple systems to work together in tandem to remain effective and productive and as more institutions continue completing initiatives in their digital transformations, they’re turning to the cloud for business continuity and disaster recovery (BC/DR). Cloud-based BC/DR adds a layer of agile protection, enabling recovery from data loss with accurate data and preventing costly downtimes and potential increased compliance risk. The financial industry is changing. As digital transformation modernises the way people and businesses manage transactions and make payments, financial service institutions must find ways to offer what their customers want. By accelerating their digital transformation to the cloud, financial services organisations can offer multiple services that enable digital transactions and record keeping at scale. Online preference A survey conducted by the Cellular Telecommunications Industry Association found that 72 per cent of all banking customer respondents prefer to manage their finances online or through a mobile application. In keeping with shifting customer expectations, financial service institutions have begun digitally transforming their services in order to modernise payment systems and strategically redirect focus towards enhancing the overall customer experience. Customers expect more of a personalised and proactive service from their providers, like customised notifications, insights and guidance for managing their finances. In order to provide their customers with these services, organisations are using the flexibility, agility and scalability of the cloud to provide the platform and infrastructure needed to drive innovative new tools and applications. Learn more about how digital transformation can drive business growth by creating better customer experiences at: Ryan Blakely is the go-to-market director for the financial services industry in the Americas at Microsoft