The financial services industry is undergoing a digital transformation, with many financial institutions relying on technology to streamline operations, enhance services, and improve the customer experience. One of the key tools driving this change is Azure, Microsoft’s cloud computing platform. This critical component drives the Phoenix International core banking platform and has been a reliable force behind our ability to deliver quality and lasting services to our customers. By leveraging the power of Azure, financial institutions can unleash their full potential and take their operations to the next level.

Azure has the tools to enhance the customer experience.

One of the primary benefits of Microsoft’s Azure for Financial Services is its ability to enhance the customer experience. Azure’s Artificial Intelligence (AI) services, such as cognitive and bot services, can help banks and other financial institutions better understand their customers by providing personalized recommendations, which are more likely to appeal to their unique needs. A financial institution’s inability to pinpoint its customers’ specific needs can result in its messaging being treated as information clutter or over-selling. These tactics can ultimately lead to increased customer dissatisfaction should they feel ignored or “lumped” into a general category. By adopting intelligent tools and utilizing Azure’s data insights, banks and other financial institutions can better understand their customer’s needs and provide tailor-made solutions and offerings.

Increased transparency and security

Additionally, Azure’s blockchain services can provide increased transparency and security, enabling customers to trust their financial institutions to handle sensitive information. Azure’s highly secure platform makes it suitable for handling sensitive financial data. Security is a top priority for customers in this new and improved digital landscape. As technology advances, cybersecurity threats increase, especially in the financial industry. Hence, customers need the reassurance that their information and funds are safe and accessible when needed.

Scalability

Another key benefit of Azure is its scalability. As the financial services industry continues its evolution, Azure can grow and adapt with it. This means that financial institutions can take advantage of the latest technological advancements, such as artificial intelligence and machine learning, without worrying about upgrading or replacing outdated systems.

Cost-saving benefits

Azure also offers cost-saving benefits for financial institutions. By moving their operations to the cloud, financial institutions can reduce hardware, maintenance, and staffing costs. There is also a decrease in the time and resources required for software updates and other IT tasks, which frees up resources that can be allocated to other vital areas for business growth, such as improving other products and services.

Real-time insights 

Take advantage of Azure’s big data and analytics services to better understand your operations and make more informed decisions. Azure’s Power BI  service analyzes customer data and identifies trends and patterns, making it easier to make more informed business decisions.

Customization features

Finally, Azure offers a level of customization that is unparalleled in the financial services industry. Your business can access a wide range of services and tools, allowing you to tailor your operations to meet your business’s specific needs. Azure’s flexible platform for financial institutions allows the creation of custom applications, enabling you to create unique and innovative solutions that can set your business apart from the competition.

Azure is the key to unlocking the full potential of the financial services industry. By leveraging its cutting-edge technology, you can enhance the customer experience, streamline operations, and reduce costs while experiencing growth and growing profits. With Azure, the financial services industry will continue evolving, providing customers with unparalleled convenience, accessibility, and security. Contact us at support@mcsystems.com to learn how your business can access this transformative technology.