Microsoft will launch a cloud service for financial services companies next month, with Virgin Money UK being a first confirmed customer.
The cloud service will offer bundled Microsoft productivity tools with specific financial services components and regulatory approval.
The Microsoft Cloud for Financial Services, as it’s called, is one of the software giant’s bundles that create industry-specific requirements in addition to its suite of cloud-based productivity tools including Microsoft 365, Teams, Azure, and its customer relationship management and enterprise resource planning offering, Dynamics 365. UK financial regulators have approved their use.
The Covid-19 pandemic has accelerated digital adoption by consumers, and businesses – especially in the financial sector – must respond by accelerating the adoption of critical technologies such as cloud computing.
In a blog post, Bill Borden, vice president of global financial services at Microsoft, has confirmed that November 1 will be the day the service will be available.
“The pandemic has cemented the value of digitization and digital channels in the financial services industry – and created new expectations with customers and employees,” Borden wrote. “It put a lot of emphasis on using cloud technologies and services, time to value and cost reduction, all at the same time. And when it comes to digital tools and the cloud, our customers have made it clear that they need cloud services tailored to their specific needs and challenges.
Microsoft CEO Satya Nadella recently said the pandemic prompted the company to urgently increase its ability to deliver industry-specific bundles to customers.
“Over the past year, we have worked closely with leaders from all sectors to help them weather the crisis, equipping them with the technology and tools to accelerate this transformation,” he said. declared.
Virgin Money UK is one of the first companies to sign up for the service. Fraser Ingram, Chief Financial Officer, Digital & Innovation, said: “At Virgin Money UK, we are always looking for ways to innovate and deliver a world-class digital customer experience. We see Microsoft Cloud for Financial Services accelerating this journey of digitizing our customer experience, while allowing us to evolve and grow. “
Ingram added: “Microsoft technologies have a wide range of applications and useful information, whether it is helping to advise clients on their financial plans or meeting their needs as part of their portfolio. of existing products. This transformation will also support our efforts to improve the experience for our employees, by enabling our frontline colleagues to provide the best service to our customers, by working together to make money simpler and easier.
As banks and other financial services companies rush to embrace the cloud as part of their digital strategies, they must adhere to the rules set by the regulator. Using an approved cloud service like Microsoft’s saves time.