From an immersive bank to an intelligent bank

Traditional banks have long focused on a “one-product-fits-most” strategy. This is largely a matter of practicality: their legacy systems are difficult to upgrade; their business models are built on static customer segmentation, such as age, geography, and income; or, their workplaces lack the modern tools to effectively harness the talents of an ever-changing workforce. But as customer demand for more data-intensive, personalized services increases, banks that offer traditional deposit, advisory, payments, credit card, and lending services will have to evolve and transform digitally from the current “omnichannel” customer relationship approach. To compete successfully, banks need to provide a seamless customer “Omni-experience” through a single interface, that is, an end-to-end journey for each customer—from the first banking interaction to the realization of financial goals. The first step toward becoming an intelligent bank is managing and provisioning data with security and compliance top of mind.
Digital stewardship—the proper management of sensitive data following regulatory and security requirements. Institutional practices and policies that don’t address responsible digital stewardship can lead to data breaches, leave fraud undetected, cause higher levels of friction during customer interactions, and disrupt the collection, maintenance, and preservation of digital assets.

1. Hybrid at hyper-scale.The Microsoft Azure cloud platform supports scalable hybrid environments for seamless shifting between on-premises and cloud computing. Financial institutions can take advantage of a hybrid scenario to help meet industry regulations in data security but still benefit from the elasticity of cloud computing.

2. Confidential computing. Enclaves, or secure hardware containers, make it possible to secure a defined subset of data, even while other data is in use. Banks choose what data resides where, so they only have to trust their hardware and data.

3. Machine learning encryption. Due to recent advances in machine learning technology, banks can now perform computations on encrypted data without decrypting the data. This means they can offload storage and computation into shared Azure environments without using decryption keys.

4. Automated compliance support. Continuous innovation in Azure means the latest security and compliance updates are rolled out automatically. Banks gain advanced capabilities like blockchain, artificial intelligence (AI), Internet of Things (IoT), and API management as soon as they become available—without spending months interpreting compliance requirements.

5. Operational artificial intelligence. Banks can use AI tools in Azure to monitor the operations of their consumer banking systems and networks, including payment, credit card, and lending systems. In the process, they gain customer insights and new predictive analysis capabilities.

6. Microsoft investment in cloud technologies. Our commitment to digital stewardship is evident through our ongoing investment in cloud facilities and technologies that help institutions meet their compliance and security obligations.

Source: https://cloudblogs.microsoft.com/

Global iTS is a leading Microsoft Dynamics 365 ERP and CRM Partner with offices all over GCC (Bahrain, Saudi Arabia KSA, Oman “Muscat”, UAE “Dubai”, and Kuwait), with domain expertise in Financial Services Sector Digital Transformation like” Retail Banking, Commercial Banking, Insurance Providers, Private Equity, and Investment Banking.