Banks are in a battle against other banks and non-traditional financial players to win the hearts and business of customers. To be successful in this difficult environment, banks need to reimagine the customer journey; they must understand the customer better, be able to predict their needs, and engage with them in the way the customer expects.
Microsoft has helped thousands of organizations on their digital transformation by embracing change and unlocking new value creation. What Microsoft has learned is that the ones that are most successful, understand that this process is a journey that supports their people to create the value the organization seeks by having a clear vision, strategy, culture, unique potential, and capabilities as the foundational elements – then turn to technology. Put simply, technology is the tool. People are the focus. And more value is the outcome.
We are going to focus on 3 of these solutions that are enabled by Microsoft Azure data and AI solutions – Modernizing core banking systems and payments, Combating financial crime, and Delivering differentiated customer experiences.
Modernizing core banking systems & payments – is about moving to the cloud to reduce cost and organizational risk and create a platform for agile business as well as faster payments. Banks must operate more economically and with far more agility in staying evergreen with the latest industry and client requirements. Payment system modernization enables banks to remain competitive, be compliant, and future-proof their environments.
Combating financial crime – is about protecting the bank and its customers while lowering compliance costs. Fraud detection must operate across multiple channels, including online, mobile, call center and beyond, and balance effective protection with superior customer experience and trust. Examples include the ability to identify and mitigate sophisticated malware that can take over online banking sessions, and the prevention of cross-channel fraud schemes where criminals use one channel to phish for account information and another channel to initiate an electronic payment.
Delivering differentiated customer experiences – is focused on accelerating growth by infusing AI to create a differentiated customer experience. The rise in new options for financial services – from payments to savings accounts – means banks can no longer compete on product mix alone. The banks that succeed in monetizing their most valuable asset, customer data, and tailor interactions with customers based on history and financial information, will emerge as the future leaders, growing and protecting market share.
So let’s double-click on each of these solutions, and for each one I’ll highlight the key technologies that enable these solutions – both from Microsoft and ISV partners, highlight some interesting case studies from peers of yours that have implemented innovative solutions in the industry, and walk through some business architectures of key use cases – so you can see how these solutions can deliver the maximum value when implemented end-to-end.