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The challenges posed by the pandemic have brought a paradigm shift to the financial industry. With the turning economical wheel, digital transformation becomes essential rather than a choice. The accelerated use of digital technology is seen, which enabled financial service people to work and serve the customers innovatively.
The digital solutions have helped emerging fintech organizations to increase customer outreach, reduce expenses, and make customers happy. On the other hand, the easy access to fintech solutions allows customers to get everything under one roof in a quick, innovative, and less labor-intensive way.
Finding a one-size-fits-all solution for complex financial services is arduous. Plus, when fintech organizations enter into a digital ecosystem to accelerate revenue and serve customers better, they look for trusted partnerships and reliable technologies. That’s where Microsoft financial cloud services is a holistic approach that helps fintech organizations step outside the mold and lead the market.
What is Microsoft Financial cloud?
Microsoft cloud for financial services powering fintech organizations with data management capabilities help in delivering unique experiences, improving employees’ productivity, and ensuring robust security while complying with all the regulations.
The software provides financial services immediately that help in driving better customer engagement. The intelligent tools and workflow automation enable the plan and setup process effortlessly. Manulife is one of the fintech organizations that has modernized applications by migrating to the Azure financial services cloud solution. The organization has enabled virtual face-to-face programs between customers, agents, and advisors for better-assisted experiences instantly.
The latest update to Microsoft cloud for financial services has made it capable enough to address the challenges that the financial industry is facing such as differentiated customer experiences, scalability, improved employee collaboration, building multi-layered security, and modernizing the legacy system. When you are unsure about the transformation, the Microsoft financial consultants from Microsoft consulting partners can better explain you. Let’s discuss in detail how Microsoft Azure financial services cloud solution is making it possible.
How can Microsoft Financial cloud help fintech organizations?
Improved customer experiences
The data is growing at an exponential rate. Sadly, it’s stored in silos, which delivers no value to the organizations. With Microsoft Azure financial services cloud solution, the unification of data in organization silos helps getting a 360-degree view of the customers.
The creation of a unified profile of customers helps in identifying their next action by combining the demographics, financial history, and latest browsing behavior. The personalized actions from the fintech organizations when resonate with assumed customers’ actions, the possibilities of conversion are higher.
The improved remote sales and service capabilities with enhanced access to meaningful data help in bolstering virtual connections with customers. The higher engagement levels and wow experience delivery results in- improved customer acquisition, retention, cross-sell/up-sell, and referrals.
Effortless onboarding and support services
The customers often find the loan sanctioning process tedious. The scene is transformed by fintech organizations through digital channels. Microsoft finance cloud solution now engagingly meet the customers’ expectations. The customer onboarding facilitates access to self-servicing tools and loan apps that allow customers to apply for the loan and submit documents effortlessly. In the same vein, it improves employees’ productivity and organizational growth.
Automation and cross-collaboration across organizations enable loan manager to improve customer interactions that reduces errors and speeds up the lending process while enhancing customer experiences.
Engaging and interacting with the customers after having their complete financial view results in managing customer service intelligently through customers’ preferred communication channels.
Stronger risk management
With technology advancements, cybercrimes have also got advanced, which needs to identify proactively before they interrupt and harm the financial organization and customers’ data. The traditional methods of continuous supervision of portfolios, policies review, and others are not powerful in protecting organizations.
Microsoft solutions for fintech organizations reduce operational risks and meet regulatory requirements. Account protection safeguards the reputation by protecting data from bot attacks, fake accounts, fraudulent access, and account takeovers. The purchase frauds in online transactions showcasing false positives are resolved by advanced adaptive AI technology integrated with Microsoft financial cloud services.
Making operations more compliant
The financial industry is a highly regulated industry which mandates fintech organizations to stay on top of regulations. The Microsoft solution for the fintech industry performs a detailed assessment of compliances and keep organizations updated with regulatory changes. The support team provides the necessary assistance for audits, cybersecurity services, and compliances. Still, if confused, the Microsoft financial consultant from one of the reliable Microsoft consulting partners can help you.
Under the regulatory compliance assessment umbrella, the organizations get a list of risks, stay fine-tuned with regulations and certifications, and report the same to auditors and regulators.
Making organizations data-centric
In the digital universe, making the fintech organizations agile and data-driven is necessary to stay up-to-date with modern customers. In the competitive world, data unification and data interoperability help in enhancing products and services using rich insights.
Microsoft cloud for financial services helps in modernizing the legacy systems to operate in a data-driven and agile way. It enables fintech organizations to meet scaling customers’ needs and regulator demands.
Unlocking business agility, putting customer experiences first, and developing operational excellence are all important to keep the business innovative and flexible in the digital world. Fintech organizations are no exception. Recognizing the digital shift need, the tech-savvy leaders have started adopting Microsoft cloud for financial services to quickly respond to the changes in customer demands and accommodate new working styles.
Are the benefits of the customized Microsoft solution for fintech organizations make you embrace technological change? If so, teaming up with the Microsoft consulting partner can help you with how Microsoft finance cloud is a good fit for your organization. When required, the certified Microsoft financial consultants explain the Microsoft financial cloud services in detail.