Microsoft Cloud for Financial Services, an industry-specific cloud for the finance (opens in new tab) sector, will be generally available on November 1, 2021, the company has confirmed.
In a new blog post from Microsoft’s Corporate Vice President of Worldwide Financial Services, Bill Borden, the company detailed the advantages and the core selling proposition of the cloud (opens in new tab), noting it is designed with innovation and “responsible and sustainable growth” in mind.
Microsoft is well aware of the compliance woes today’s enterprises are faced, as they try to navigate the complex global regulatory jungle. Privacy, security, and regulatory compliance are baked into the very foundation of the cloud, the company says, adding that it’s built on an industry data model that enables interoperability and innovation.
- Here’s our list of the best accounting software for small businesses (opens in new tab) right now
- We’ve built a list of the best payroll software (opens in new tab) on the market
- Check out our list of the best money transfer apps (opens in new tab) available
It promised new capabilities to help retail banks enhance their customer and employee experiences, while driving loyalty and customer growth.
So, for example, users can expect unified customer profiles (financial, behavioral, and demographic data) to help financial services firms tailor customer experience with a holistic view of the customer. They can expect new ways to onboard customers by offering easy access loan apps, as well as self-service tools.
Unlocking "unprecedented value"
A new collaboration (opens in new tab) manager will be introduced, as well, enabling automation and collaboration across both front- and back offices.
All of this was designed with “even the most complex control frameworks and regulatory requirements” in mind, through multi-layered security, comprehensive compliance and built-in trust commitments, Borden added.
What’s more, Microsoft Cloud for Financial Services is fully integrated with Microsoft’s other cloud services, such as Azure, Microsoft 365, Microsoft Dynamics 365, or Microsoft Power Platform.
“All this helps enable financial institutions and our industry partners to unlock unprecedented value,” Borden concluded. This industry-specific cloud will help firms optimize business processes, improve communication capabilities and provide comprehensive customer insights and personalized customer interactions.
This is not the first, nor the only industry-specific cloud to come out of Microsoft’s kitchen. The company is currently working on a number of similar iterations, including Microsoft Clouds for Healthcare (released in late 2020), Retail, Manufacturing, and Nonprofits (early 2021).
- Here’s our rundown of the best hybrid working tech (opens in new tab) out there