As a business and technology advisor to the financial services industry, this year, Microsoft has identified six priority areas for Financial Service Industry including ‘Doing More with Less’, ‘Transforming Customer Experience’, ‘Strengthening Security’ and ‘Harnessing the power of AI’. We believe these areas of focus will help shape the future of tech innovation and advance the financial services industry.
Let’s take a deeper look into these areas:
- Cost take-out and doing more with less. Financial services organizations need to digitize, automate, and better run their processes and operations; Doing more with less focuses on applying technology to amplify what institutions are able to do across their organizations so they can differentiate and build resilience
- Rethinking customer engagement. To compete in the current environment while transforming for the future, financial services organizations need to reshape their customer engagement and deliver experiences, products, and services that are consistent, contextual, personalized, and continuous across current and emerging channels
- Elevating employee experiences. As the future of work continues to evolve financial services organizations need to create the experiences and culture that attract, energize, and retain and empower employees with the right tools and insights to improve productivity and efficiency, better collaborate, and deliver deeper, more meaningful customer engagement
- Expanding security horizons. Financial institutions need to create an accelerated path to stronger risk management while meeting and anticipating regulatory requirements
- Advancing sustainable finance. Financial services organizations need to accelerate environmental, social, and governance (ESG) progress as well as make sustainability good for business
- Exploiting data and insights. Key to advancing all of the above and laying the foundation for future success is becoming a data-driven business. financial institutions need to unleash the power of internal and external data and build predictive and analytical capabilities that will deliver the right insights to transform all areas of their business
Microsoft strives to enable every individual and organization on the planet to reach their full potential. We believe in the power of today’s cloud and AI technology advancements —to overcome our current challenges, stretch the boundaries of what we think is possible, and create a better future, together. We are committed to co-innovating with our financial services customers to lay the groundwork for their future success, our aim is further strengthened with Microsoft Cloud that are equipped with industry-specific capabilities.
For a closer look as to how financial service industry can cope up with upcoming economic, societal, and geopolitical change, checkout the latest blog by, Bill Borden, Corporate Vice President of Worldwide Financial Services, Microsoft.
