Digital Transformation in the Banking Sector: 4 Key Solution Areas

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As the banking industry experiences its own shift in priorities in response to the “Fourth Industrial Revolution”, organisations are placing a much larger focus on investing in the technology that will lead them into a future of complementary digital transformation.

Microsoft frame digital transformation through 4 key solution areas:

Modern Workplace

With an increase in new business models, internal processes and a changing environment that encourages wider collaboration, the right digital tools are key to ensuring stability and productivity throughout a period of growth in the banking and financial services sector.

Some of the key integrations like Skype for business and Microsoft Teams strengthen an already diverse and functionally capable Office 365 suite, purposely designed to improve collaboration, creativity and empowerment within cross-departmental functions.

Business Applications

Functional business processes are becoming increasingly digitised as part of an industry evolution for organisational efficiency. The Microsoft solution model is designed to prevent cross-function disconnect and transform the customer journey by equipping individuals with single-view access to collaborative platforms like Dynamics 365 CRM, PowerApps and data-driven insights for customer service and marketing.

Simply having better access to information, more powerful tools to analyse the data, and the processes in place to infuse it into the decision-making process, allows banking organisations to better ensure customer acquisition and retention are at the very heart of their overall business objectives.

Applications & Infrastructure

Cloud-based infrastructure has become one of the main areas of investment within Microsoft over the last year. The Azure platform is a complementary solution that helps empower banking organisations to build business applications into the very core of their business. The multi-device accessibility and functionality is a crucial component of building a streamlined mobile experience for customers, based on information relating to their interests and behaviour.

With such a huge emphasis on security and the privacy of customer data within the banking industry, the Azure cloud solution features safeguarding tools like threat intelligence, information protection and multi-step authorization to ensure absolute safety to both the user and the data subject featured within the application.

Data & Artificial Intelligence

Modern-day business change is driven by data and insight. By combining this data with AI applications, banking organisations can leverage process automation to better service customers immediate needs. As customer experience becomes a more prominent consideration in decision-making, financial services organisations will be in a better position to offer more personalised recommendations on all touchpoints and product and service offerings by utilizing the data analysis and AI relationship within the Microsoft technology suite.

Choosing the right Dynamics Partner

Choosing the right Microsoft Dynamics partner for your customer experience project is an essential part of success. It’s vital that you select a partner experienced within your sector, who understand the nuances and challenges of your business and who has references and success models within your industry. From pre-sales scoping and needs analysis to, project and process mapping and build… all the way through to implementation and beyond, a strong partner is the primary key to success.

Redspire have particularly strong capabilities in Financial Services, FMCG, Government, and Third Sector and have worked on the biggest operational challenges facing these industries today. From Small Business Banking improvements at CYBG, client and stakeholder engagement at Money Advice Service and operations and field service at Golden Charter, our expertise in Dynamics 365 and the wider Microsoft ecosystem help our clients achieve operational excellence and project delivery that improves bottom lines.

Join our upcoming webinar: “Driving Change and Meaningful Customer Engagement in Financial Services with Dynamics 365” to dig deeper into how your own business can leverage the technology to better steer customer-focused organisational change.