How To Empower Banks With 360-Degree Solution From Microsoft?

Banking solutions offered by Microsoft

Michael Donald

2 months ago|5 min read

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Are you searching for an intelligent banking solution that transforms financial services to deliver a better customer experience? It is a suitable time to switch from traditional banking operations to new-age secure modern banking systems for multiple benefits. 

Although, there were various drawbacks in the conventional banking systems, including unstructured management of financial services, delayed resolution of customer queries, limited security for protecting customer's financial data, fraud risks in banking, etc. So, all these factors are responsible for giving a technological makeover to the banks and financial institutions to make them more secure, transparent, flexible, and customer friendly. 

Nowadays, technological innovation and rapid development play a vital role in deploying enterprise risk management solutions to banks. To make these financial processes in banks well-organized and streamlined, Microsoft offers cloud solutions in banking with the latest technologies.

For example, Microsoft Azure – cloud computing services and other numerous applications of Microsoft 365 suite like OneDrive, Power BI, Microsoft Teams, SharePoint, Microsoft Defender, and many more are helpful for the bank that delivers multiple solutions to empower your financial services.   

Which are the Different Banking Solutions Offered by Microsoft?

Banking Solution

Microsoft offers a versatile and wide range of cloud solutions for banking which streamlines the financial operations with collaboration, communication, advanced security, business intelligence, machine learning, and artificial intelligence capabilities.

However, all these functions and parameters ultimately offer the dedicated IT solution for banking to boost performance. Primarily, Microsoft provides digital tools to prevent and protect against numerous fraud risks in banking securely compared to the conventional systems for financial operations in the bank.

 Microsoft Azure cloud solutions in the banking sector

Customers experienced time-consuming financial services and payment transactions in the conventional banking system. Besides, this traditional system becomes expensive as it includes maintenance costs. It also offers limited security to protect financial information. Also, consider a scenario where banks use various storage devices, network systems, and other tools to build the entire banking architecture for operating financial services.

So, to resolve these issues and deliver financial services faster to customers, banks can successfully migrate their entire architecture from on-premises to the cloud using Microsoft Azure, which offers advanced cloud computing services and reduces maintenance costs. In this manner, banks will benefit from enterprise risk management solutions. Also, they get complete new-age modern transformation with a highly secured cloud computing platform for the execution of numerous financial services.

It also offers Azure sentinel to banks, giving advanced security and protection to financial operations and payment transactions. In addition, it provides advanced financial crime solutions with advanced financial fraud detection by monitoring the behavior of malicious attacks and threats with artificial intelligence and machine learning tools.

In this way, Microsoft Azure offers a centralized cloud computing platform to banks, which will empower your financial services to the next level. Besides, the modern and new-age financial institutions and banks will benefit from azure cloud solutions in banking.

 Microsoft 365 Suite enhances various financial services

Banks will execute multiple financial operations in real-time, like payment transactions, online money transfers, cheque deposits, customer interactions, internal communications, team meetings, etc.

So, Microsoft introduced a diversified applications suite with Microsoft 365, providing modern tools to execute banking operations with precision and accuracy. Microsoft 365 solutions for bank offers office productivity tools like Word, Excel, PowerPoint, Outlook, and Access to help banks store financial services and execute complex financial calculations.

However, banks can create customer databases efficiently with Microsoft Access and calculate financial services and products with Microsoft Excel. In contrast, these processes become time-consuming in traditional banking systems with paper-based documentation work.

Microsoft OneDrive for secure data management

Banks and other financial institutions work daily with large customers' financial information and access financial products and services. The banking employees continuously execute crucial information regarding financial products and services like loans, insurances, credit card bills, and online banking processes. 

In contrast to the conventional banking system, all the information and crucial customer financial data were unstructured, unorganized, and scattered in numerous systems. Microsoft offers OneDrive, a secure cloud storage platform, one of the perfect Microsoft 365 solutions for banks to store and access data in a centralized location to resolve this data management issue. Bank employees and executives can access, share, and store crucial customers' confidential financial information in the centralized cloud storage platform. 

However, Microsoft OneDrive also provides secure collaboration to banks and employees by enabling them to work on the same financial product or services. Indeed, you can also utilize OneDrive as a risk management app integrated into your banking system, which protects you from identity theft issues and combats financial crimes through its secure cloud storage platform.  

Microsoft Teams transforms the communication process

Communication is mandatory in banks and other financial institutions for flawless discussion about different monetary services, products, and schemes. For example, customers and employees communicate effectively to understand better financial products and services like fixed deposits, home loans, mutual fund schemes, etc. For this purpose, the Microsoft Teams application of the Microsoft 365 suite will provide secure collaboration and a centralized communication platform to share financial ideas effectively.

Also, bank employees can share files with other team members internally and chat, send messages, schedule video meetings, participate in webinars, and many other things, which will enhance banking operations and services. However, banks can utilize Microsoft Teams as risk management apps integrated into the communication platform to avoid the threats and risks of illegal access to discussions related to confidential financial services.

Power BI gives future insights into financial products

Banks and numerous financial institutions generate a large volume of data daily. For example, the economic data includes the customer's contact details, account number, home loan account number, insurance details, etc. But banks cannot use these data because they are scattered, unorganized, and unstructured.

However, Microsoft 365 suite introduces Power BI applications to make constructive use of these financial data and make informed business decisions and predictions about the behaviour of customer demands, financial services, and commodity prices.

In the first stage, Power BI cleans and organizes the financial data and afterward uses them to create interactive visual reports and engaging dashboards and deliver them to banks. In this way, Power BI will act as one of the robust IT services for banking and generate data insights with artificial intelligence and machine learning capabilities that help banks avoid financial losses.

  Microsoft Defender for advanced threat protection

Continuous malicious attacks, threats, and financial fraud occurred in traditional banking systems. Banking fraud risks include malware, ransomware, threats, viruses, malicious attacks, identity theft, etc. For protecting banks and financial operations from these financial risks, Microsoft 365 suite offers the Defender function, which gives advanced threat protection and financial crime solutions to various banks. 

Banks can keep customers' financial confidential information and multiple financial services secure with highly encrypted protocols. Therefore, Microsoft Defender is helpful for banks to combat financial crimes and empower bank employees with highly secure threat protection systems.

Experience New-Age Intelligent Banking Solutions with Microsoft Technologies

Microsoft offers banks diverse technologies and modern tools to streamline financial processes, increase productivity, empower banking employees with technical skills, and secure data management. However, the new-age banking system is termed a digital bank. It executes financial services and payment transactions through the latest Microsoft technologies like Microsoft Azure, Power BI, and Microsoft 365 suite, to name a few, from a large stack of advanced tools.

Besides, you can get the necessary guidance from certified Microsoft banking technology consulting institutions, benefit from the modern digital bank, streamline financial processes, and secure data management of customers' financial information. In this manner, you can integrate different IT services for banking so that customers will get simplified payment transactions and financial services.

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Michael Donald

Hi, I'm Michael Donald, It consultant at bitscape.

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