The cloud platform is said to have been built on an industry data model that facilitates both interoperability and innovation
Microsoft Cloud for Financial Services to be generally available from November 2021. (Credit: V-huawe/Wikimedia Commons)
Microsoft announced that Microsoft Cloud for Financial Services, an industry-specific cloud for the finance sector, will be generally available from next month.
The industry-specific cloud is said to offer new capabilities for unlocking the power of the Microsoft Cloud to drive innovation in the sector.
Furthermore, it is claimed to have a foundation of privacy, security, and regulatory compliance across Microsoft and its partner ecosystem.
According to Microsoft, the cloud platform is built on an industry data model that facilitates both interoperability and innovation.
Microsoft will roll out new capabilities to help retail banks to boost customer and employee experiences along with growth in loyalty and customers.
The capabilities offered by Microsoft Cloud for Financial Services are designed to manage data for delivering differentiated experiences, employee empowerment, and for fighting financial crime.
Microsoft revealed that Virgin Money UK will be among the first to try the new capabilities of the platform. Virgin Money UK is part of a consortium of institutions partnering with the tech major in previewing the industry-specific cloud to help design its future capabilities.
Virgin Money UK chief digital and innovation officer Fraser Ingram said: “We see Microsoft Cloud for Financial Services accelerating that journey of digitising our customer experience, while enabling us to scale and grow.
“Microsoft’s technologies have a broad range of applications and meaningful insights; whether it is to help advise customers on their financial plans or servicing their needs under their existing portfolio of products.
“This transformation will also support our efforts to enhance our employee experience, empowering our frontline colleagues to deliver the best heartfelt service for our customers, working together to make money simpler and easier.”
Microsoft Cloud for Financial Services incorporates cloud services across the other offerings of Microsoft such as Microsoft Azure, Microsoft Dynamics 365, Microsoft 365, and Microsoft Power Platform.
The industry-specific cloud is claimed to have been designed to help the financial sector handle even the most complex control frameworks and regulatory needs.
It is also said to help expedite the launch of products to market, while removing data silos to convert insights into action.
Microsoft worldwide financial services corporate vice president Bill Borden in a blog wrote: “We want to ensure that every organisation has the digital capability required to succeed going forward and are committed to helping our financial services customers improve time to value, reduce costs, increase agility, and accelerate innovation for sustainable growth.”