The company has confirmed that Microsoft Cloud for Financial Services, an industry-specific cloud, will be generally available on November 1, 2021.
The cloud is intended to benefit from innovation and “responsible and sustainable growth,” according to the Corporate Vice President of Worldwide Financial Services Bill Borden in a recent blog post.
As organizations attempt to navigate the complicated global regulatory jungle, Microsoft is well aware of the compliance difficulties they are experiencing. Privacy, security, and regulatory compliance are built into the cloud’s foundation, according to Microsoft.
The firm claims that it is based on an industry data model that allows for interoperability and innovation.
So, for example, users may anticipate unified customer profiles (financial, behavioral, and demographic data) that will help financial services firms tailor customer experience with a holistic view of the client.
They can also expect new ways to onboard consumers by providing easy access to loan apps as well as self-service options.
Obtaining “unprecedented value”
The Cera platform will include a new collaboration manager, allowing for automation and collaboration across both fronts- and back-office operations.
Through multi-layered security, comprehensive compliance, and built-in trust commitments, all of this was created to accommodate even the most complicated control frameworks and regulatory demands.
Furthermore, Microsoft Cloud for Financial Services is fully integrated with other Microsoft cloud services such as Azure, Microsoft 365, Dynamics 365 Business Central, and the Power Platform.
“All this helps enable financial institutions and our industry partners to unlock unprecedented value,” Borden concluded. Businesses can use the cloud to boost productivity and streamline operations, enhance communication capabilities, collect comprehensive consumer insights, and provide personalized client interactions.
This isn’t the first time Microsoft has created a cloud for an industry. The firm is currently developing a number of similar versions, including Microsoft Clouds for Healthcare (coming late 2020), Retail, Manufacturing, and Nonprofits (early 2021) (released in 2021).