With new features, the Microsoft Cloud for Financial Services platform expands

With new features, the Microsoft Cloud for Financial Services platform expands ...

The recent addition of Microsoft''s Cloud Financial Services capabilities should be beneficial to the 441.1 percent of financial services respondents to an IDC survey to provide faster digital services, while they could greatly enhance their journey to the cloud.

Microsoft Cloud will now provide a Compliance Program as part of Microsoft''s Cloud Financial Services enhancement.

A new banking customer agreement concept that allows customers to self-schedule meetings on preferred channels called Intelligent Appointments is out of sight and generally available to customers. With Intelligent Appointments, it can be combined with Virtual Appointments, which is used in Microsoft Teams to send text reminders to individual branded virtual appointments via mobile devices, along with a few other administrative scheduling tools to manage on-demand virtual appointments.

Microsoft is also putting a few newer features into a preview (US and UK availability) that should assist financial institutions in using common data models, extracting insights, designing new business models, and delivering differentiated customer experiences.

  • Onboarding application (retail banking and other verticals):Delivers a flexible and intelligent product onboarding experience with automated document workflows enriched by AI analysis to assist the document verification process.
  • Unified client profile (wealth management):Helps deepen client relationships with meaningful advice, providing relationship managers with a good understanding of a clients financial status, investment portfolios, financial goals, important life moments, and other personal attributes.
  • Property and casualty insurance data model (insurance): A dedicated property and casualty insurance data model captures new attributes including policy and coverage information, claims, and insurance providers and producers.
  • Wealth management data model (wealth management):An extension to the banking data model that captures new attributes including financial goals and investment instruments specific to wealth management.
  • Small business data model extension (retail banking SMB):Extends the data model foundation of Microsoft Cloud for Financial Services to represent individuals and allows linking small businesses to individual financial holdings.

Lastly, Microsoft''s Cloud Financial Services has expanded its partner ecosystem to enable customers to receive system integration (SIs) from Accenture/Avanade and PWC as well as independent software vendors (ISVs) ArganoArbela, ASC, Bambu, BioCatch, Mambu, Thought Machine, and Wealth Dynamix.