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Microsoft Cloud for Financial Services will launch next month

The new platform has been designed to address the control frameworks and regulatory requirements facing the industry

Microsoft Cloud for Financial Services is set to launch on 1 November to help financial institutions use the Microsoft Cloud.

The new initiative integrates cloud services across Microsoft Azure, Microsoft 365, Microsoft Dynamics 365, and Microsoft Power Platform, with new capabilities and customisations unique to financial services. It also has been designed to address the control frameworks and regulatory requirements facing the industry.

The platform provides financial institutions with a unified customer profile, easier customer onboarding, help with personalising customer interaction, and makes automation and collaboration across front and back-office easier. It also helps to identify and prevent fraud, protects the merchant services arms of financial institutions, carries out risk assurance and support, and helps organisations manage compliance requirements.

Microsoft hopes this will help financial institutions and industry partners to unlock value by optimising business processes through integrated collaboration and omnichannel communication capabilities, and enhance the customer experience through comprehensive customer insights and personalised interactions. It also helps accelerate products to market and removes data silos.

“This industry-specific cloud introduces new capabilities that unlock the power of the Microsoft Cloud to help innovate for responsible and sustainable growth,” said Bill Borden, corporate vice president of Worldwide Financial Services at Microsoft.

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“Our industry cloud has a foundation of privacy, security, and regulatory compliance across Microsoft and our partner ecosystem, and it is built on an industry data model that enables interoperability and innovation.”

In September, Atos and IBM teamed up to create a new centre of excellence to help banks and insurance companies improve security and regulatory compliance when moving to the cloud. The platform aims to provide technical and financial services advice and expertise with Atos professionals trained on the IBM Cloud providing local language assistance. Atos will also offer automation services like Robotic Process Automation, AI-driven intelligent workflows, and business processes reengineering.

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