The healthcare industry is not the only industry undergoing rapid transformation amidst a global pandemic. The banking and financial services industry is ever-evolving, unlocking new opportunities through innovative business models, new products, and services, and redefining how finance employees work.

The industry’s rapid transformation offers one clear lesson: organizations with a robust digital foundation can endure disruption more efficiently.

Explore how your company can benefit from digital transformation, how other companies are taking advantage of the new era of fintech, and how you can create a solution unique to your fintech organization’s needs.

Digital Transformation— Banking and Finance

Institutions that were moving their processes and systems to digital platforms have responded rapidly in the current health and economic crisis. Companies that already implemented artificial intelligence (AI) to serve customers and stakeholders better can quickly pivot to meet new demands.

The ongoing transformation within the sector continues to highlight the need to maintain and increase agility and security. Microsoft is leading the way with innovative solutions that enable businesses to reap a plethora of benefits highlighted below.

Managing risk across your enterprise

Optimize operational risk management with an agile platform to deliver risk insights, meet regulatory requirements, secure information, and protect sensitive data against criminal threats. Tools such as Microsoft Azure, Microsoft 365, and Power BI drive innovative cloud solutions in banking and capital markets while optimizing financial crime prevention.

Modernize payments and core banking systems

Modernize payments and core systems to acquire cost savings and expedite new product development to improve time to market in meeting new customer demands in a continuously changing environment. Companies are building an infrastructure to enable real-time payments to address a client-centric economy and build relevant business models.

Fight financial crime

Microsoft and its partners supply banks with financial crime solutions to help protect the financial institutions and their customers while supporting lower compliance costs. Banks can harness the power of data and enhanced analytics to mitigate losses and prevent criminal activity.

Create personalized experiences

Banks and financial service companies can bring together various data sources to gain a 360-degree customer view and manage customer experiences across multiple channels with Microsoft’s suite of services. Banks can deliver exceptional customer experiences to accelerate growth and loyalty by leveraging deeper customer insights.

Empower your employees

Secure collaboration, communication, and business process innovations help to improve organizational and employee productivity. Microsoft and its partners enable banks to boost employee collaboration and creativity and inherently empower them by providing the tools and services they need to do their best possible work.

Innovation in the Financial Services Industry

It is easy to explain how your company may benefit from various fintech developments, but an explanation of benefits provides little proof for how organizations are using the solutions. Below are three examples of financial service companies that are innovating and transforming with the assistance of Microsoft technologies.

  • NEDBANK: Microsoft partnered with NEDBANK to develop an electronic virtual assistant that handles 80 percent of inquiries at about 10 percent of live agents’ cost. A cloud-based bot technology meets customers where they are and scales the bank’s virtual workforce.
  • CapitalOne: CapitalOne partnered with Microsoft to implement a cloud-based authorization engine that enhances fraud detection. This innovative feature is essential as e-commerce spending continues to accelerate and COVID-19 based fraud scams increase.
  • Mastercard: Microsoft Azure provides Mastercard and the ecosystems they mutually serve with a flexible and scalable platform. The platform is essential to creating secure connections and protecting information while co-innovating with various partners.

Explore Intelligent Banking Solutions

Microsoft and its partner ecosystems support banks in reducing cost and risk, modernize vital systems, and gratify stakeholders to achieve a competitive edge and facilitate sustainable growth. As a Microsoft Gold Partner, The Bauen Group is a member of the ecosystem supporting businesses in their transformation. We leverage the Microsoft suite of services, including the Microsoft Cloud for Financial Services, to help you build your technology infrastructure.

Bauen believes in both technology and native creative innovations and offers services focused on industries including Healthcare, Energy, Food Services, and Professional Services. A ‘one-size-fits-all’ approach may hinder your company’s performance, but building an intelligent custom banking software solution may help you maximize your budget and gain a competitive edge in the finance sector.

Whether you are ready to start your project now or looking for help finding a solution, Bauen is here to help. Send us a note, and we will get back to you to start building your unique solution.

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