Microsoft Cloud for Financial Services: A Perfect Choice to Simplify Finances

Microsoft Cloud for Financial Services is a set of different cloud-based solutions that offer an omnichannel experience for simplifying diverse and complex financial transactions. Such solutions accelerate a business towards growth, scalability, and a good customer experience, along with managing complex operations.

Before understanding the core concept, let’s understand why managing finances is necessary. Managing finances with 100% accuracy has become an essential part of an organization.

Businesses are investing a lot of resources and infrastructure to streamline complete financial operations, eliminating any chances of errors through any means.

You cannot cope with the increasing complexity of financial functioning using legacy solutions or outdated technologies. You will need to integrate or implement an advanced solution that understands your business needs and aligns with the changing requirements.

If you are looking for a centralized solution that comes with high-tech capabilities to manage modern financial needs, Microsoft Cloud for Financial Services is the answer.

What is Microsoft Cloud for Financial Services?

Microsoft Cloud for Financial Services enables businesses to avail of embedded AI and cloud technologies to get unified services, cater to a high level of customer satisfaction, empower employees with sufficient collaboration opportunities, and deal with financial infringement.

The applications available in the Microsoft cloud empower you to automate core financial processes, avail real-time insights to make data-driven decisions, capture customer interaction to personalize services, and drive business towards profitability.

Such strong capabilities of cloud solutions enable a business to align with changing business requirements and simplify business complexity to boost growth.

In general, the solutions of Microsoft Cloud include the applications from Microsoft Dynamics 365, Power Platform, and other Microsoft 365 business solutions that we use daily.

Microsoft 365 Financial Services provides a unified approach to resolving financial complexities and promotes team strengthening. It even helps the business build and deploy workflows to establish a consistent flow of data across different solutions.

Microsoft Cloud Financial Solutions and their Core Applications

We have different solutions in Microsoft Dynamics 365 Financial Services, which comes with different applications for businesses. Some of the solutions, along with their core advantages, are discussed below:

1. Dynamics 365 Customer Insights

It is one of the Microsoft Dynamics 365 CRM solutions that enables businesses to fetch hidden information out of customer data to personalize further interaction. Some of the practical applications of Dynamics 365 Customer Insights in the Microsoft cloud for financial services are:

• Wealth Management: The Microsoft cloud lets you analyze the accounts and portfolios of customers, track their risk tolerance, and manage different financial goals to process personalized investments.
• Retail Banking: Understand customer habits of purchase and predict future needs to recommend relevant products.
• Streamlining Insurance: Offer bespoke insurance options based on different requirements or parameters. Also, financial data enables you to understand the risk profiles of customers through different milestones of their lifecycle.

2. Microsoft Power Apps

Power Apps is a powerful business solution that empowers users to build custom, personalized applications without writing a line of code. Also, it helps you automate tasks and simplify the complex processes of financial institutions.

• Loan Origination: Simplify the process of loan applications, from applying to dispatching the amount to the borrower’s account through custom applications. It will make the process simple, fast, and reliable while focusing on the customer experience.
• Underwriting: Approve loan applications when a customer profile meets the standard loan requirements. Also, you can automate the risk assessment process while improving efficiency.
• Claim Processing: Build simple and interactive mobile applications to process the loan and claim application without any hassle. It will enable you to track each application with improved convenience.

3. Microsoft 365

Access the Microsoft Cloud capabilities to utilize popular and effective productive tools from Microsoft, like Outlook, Word, Excel, and more.

• Secure Team Collaboration: Establish secure and consistent communication channels to share data with the team in real-time. It lets different departments collaborate on a single project, accelerating overall business efficiency.
• Simplify External Communication: Communicate with the clients while ensuring data safety through secure communication channels, like email, team meetings, and financial discussion.
• Regulatory Compliance: Get access to the advanced capabilities of Microsoft 365 Financial Services, like data loss prevention and audit trails, to regulate financial communication and transactions.

4. Microsoft Power Platform

It is a complete platform that offers five applications to build custom apps without code, automate tasks, visualize data, build workflows, and make compelling landing pages.

• Automate Workflows: Eliminate manual tasks with automation. You can automate report generation, account reconciliation, payroll management, the onboarding process, and building a self-help platform for employees.
• Data Analytics Dashboards: Create reports and dashboards to analyze and visualize data to make data-driven decisions. Fetch the hidden information and find useful insights from a centralized dashboard.
• Fraud Detection & Monitoring: Build tailored reports in Microsoft Power BI to find any kind of data inaccuracy, issues in transaction data, and fraudulent actions.

5. Dynamics 365 Fraud Protection

Leverage the limitless capabilities of Microsoft Cloud embedded with AI technologies to find any kind of fraud and malicious activity in real-time and eliminate them before they do any harm to the financial data or to the system. 

• Real-time Transaction Monitoring: Track and analyze financial transactions in real-time to identify any kind of suspicious action, activity, or pattern.
• Adaptive Machine Learning: The adaptive learning of the Microsoft cloud for financial activities lets you access historical or master data to protect the customer from all threats.
• Prevent Suspicious Activities: Access the capabilities of AI to find legal or fraudulent transactions happening in your business to cater your services to genuine customers only.

6. Compliance Program for Microsoft Cloud

The Compliance Program for Microsoft Cloud empowers you to adhere to global, changing compliance's to deal with financial complexities.

• Data Residency and Encryption: Microsoft will make sure to store your precious data and encrypt it whenever you process a financial transaction while following compliance regulations, like GDPR.
• Audit Logging and Reporting: You can track user activity, maintain comprehensive audit logs, and regulate the data to meet compliance.
• Regulatory Updates: The Microsoft Cloud for Financial Services will let you stay updated and relevant as per changing financial regulations. Also, it will let you follow Microsoft’s guidance within the Microsoft Cloud Environment.

How to get more with Microsoft Cloud for Financial Services?

Generative AI is evolving and helping businesses to accelerate performance, simplify financial operations, empower employees, manage risk, digitalize the business, and maximize revenue, eliminating redundancies from the system. Implementing an industry-focused Microsoft cloud solution will resolve all business issues while pushing operations to scale.

Choosing the perfect financial solution for a unique business might seem like a hectic task for you. Because, you know your business well, but do not know the practical capabilities of a solution that can supercharge operations.

In such a scenario, feel free to contact Dynamics Square, your reliable Microsoft global financial support partner. With 12+ years of experience and 135+ technical consultants, we are ready to take your business to the next level - in terms of growth and revenue.

Whenever there is a need, feel free to write us an email arish.siddiqui@dynamicssquare.com or you can call us at +1 281 899 0865 for instant support.