Mon. Mar 27th, 2023

Microsoft has identified six priority areas for the financial service industry through which companies can help shape the future of tech innovation in this space. Bill Borden, corporate vice president of worldwide financial services at Microsoft, recently shared his perspective on six areas of focus that the financial services industry should prioritise in 2023.
These include ‘Doing More with Less’, ‘Transforming Customer Experience’, ‘Strengthening Security’ and ‘Harnessing the power of AI’.
“Microsoft strives to enable every individual and organisation on the planet to reach their full potential. We believe in the power of today’s cloud and AI technology advancements —to overcome our current challenges, stretch the boundaries of what we think is possible, and create a better future, together,” the company said.

Areas that need tech innovation
Cost take-out and doing more with less: Financial services organisations need to digitise, automate, and better run their processes and operations. Doing more with less focuses on applying technology to amplify what institutions are able to do.
Rethinking customer engagement: Financial services organisations are also needed to reshape their customer engagement and deliver experiences, products, and services that are consistent, contextual, personalised, and continuous across current and emerging channels.
Elevating employee experiences: As the future of work continues to evolve, financial services organisations are required to create the experiences and culture that attract, energise, and retain and empower employees with the right tools and insights to improve productivity and efficiency, better collaborate, and deliver deeper, more meaningful customer engagement.

Expanding security horizons: Financial institutions also need to create an accelerated path to stronger risk management while meeting and anticipating regulatory requirements.
Advancing sustainable finance: Financial services organisations need to accelerate environmental, social, and governance (ESG) progress.
Exploiting data and insights: Key to advancing all of the above and laying the foundation for future success is becoming a data-driven business. Financial institutions need to unleash the power of internal and external data and build predictive and analytical capabilities to deliver the right insights to transform all areas of their business.

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Tanushree K

By Tanushree


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