The impact of the COVID-19 pandemic is transforming the way financial institutions conduct business, and customers and employees interact with each other. These days, they need new business models that require speed, agility, and adaptive measures to keep pace with the constant change in the market. What’s more, financial service regulators expect these institutions to ensure that their operations remain resilient and business keeps running even under this challenging environment. It’s critical so that liquidity, related banking, and insurance services remain strong and available for critical operations. All of this has increased cloud adoption, especially for services that Microsoft Digital Banking provides to enable financial institutions to shift quickly to remote workforces and customer service.
When you talk about Microsoft’s Digital Transformational Model, four areas need to be focused on.
1. Engaging customers
The motto is “meet your customers where they are” and become the preferred bank of your customers. Customers are seeking to interact with financial institutions and gain a variety of experiences across different channels and devices. The customer experience can be enhanced by leveraging the information and services that banks can provide through their APIs. Successful digital banking platforms are those that can be integrated seamlessly into the customer’s preferred digital experience, such as mobile, social media, hologram, and other new experiences that have not yet been commercialized.
2. Transforming Banking Products
When a bank that seeks to become a digital platform, it starts defining its products not by the type of account its customers have but rather by the customer’s journey as they seek, obtain, and use the bank’s product over its lifetime. It requires a bank to minimize the friction that its customers encounter and to provide the governance, including security, along their journey with the bank.
3. Empowering Employees
Undoubtedly, banks have enormous amounts of intellectual capital, and much of it is embedded in their employees. Their vast knowledge-base about customers and business processes provides an added advantage over competitors. However, this could be only done if that knowledge can be properly harnessed across the banking organization with the right set of collaboration technologies and advanced custom or standard Microsoft Digital Banking software and tools.
4. Optimizing Operations
A bank can focus human capital in places where it is most needed only when it is capable of automating routine front, middle, and back-end tasks. Using human interactions along with automated operation at the right points allows a bank to be more efficient and optimized in its operations which ultimately enriches a customer’s journey. Besides, streamlining regulatory compliance to manage risks effectively will be more critical in the upcoming years than before. Fortunately, Microsoft Digital Banking will allow you to optimize and streamline your banking operations in the best possible manner.
Transformation to a whole new level is never easy, especially when you are not empowered with digital banking technologies. Microsoft Digital Banking is one of the best available solutions for not only banks, but also other companies that operate and maintain a network of ATMs (Automated Teller Machines), cash dispensing machines, banking kiosks, coin-counting machines, and even entertainment service and gaming equipment.
Source: https://cloudblogs.microsoft.com/
Global iTS is 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.
