5 min readThe art of the possible in Banking with Microsoft Dynamics and the Power Platform

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There hasn’t been a time in history where we’ve seen such accelerated pace of change in the banking sector. Driven by the fourth industrial revolution, new and emerging technologies are creating cultural and societal shifts that are reshaping our very way of life, including how we consume goods and services.

Within the financial services sector at large, Microsoft Dynamics and the Power Platform represents the chance to reimagine and simplify user experiences and streamline common user functions and capabilities. Power Platform – Power BI, PowerApps and Microsoft Flow – extends the Dynamics business application to quickly and easily create custom built apps, automate workflows, improve productivity and analysis, and gain rich data insights. And with a powerful, point-and-click approach to app building, there’s little need for serious in-depth technical capabilities.

Welcome to Microsoft Dynamics and the Power Platform in Banking

As Artificial intelligence and self-service bots rapidly become the norm, personalisation in both retail and commercial banking has taken on surgical precision to create data sets of one. With the introduction of the Common Data Model, Microsoft Dynamics and The Power Platform is helping banking users deliver the enhanced service levels that customers expect. Self-serve, custom-built portals are driving product and service accessibility and delivering slick experiences to customers at home and on-the go. AI Builder, updated AI capabilities, and a new look for Power BI, PowerApps Portals, and enhancements for Microsoft Flow are all coming in wave 2 later this year adding increased capabilities for delivering customer and operational excellence.

Going forward the combination of Common Data Model and PowerApps in Banking will allow Apps to be created for specific scenarios, either tying into a Dynamics use case or as standalone. PowerApps solves the challenges across your entire Banking business and allows teams to rapidly create apps for any scenario.  Benefit from:

  • Easily build apps with a full featured low-code/no-code platform
  • Connect to all your data with pre-built connectors, custom connectors
  • Put your data to work with the Common Data Service for Apps
  • Office 365, Azure, Dynamics 365, Power BI, Microsoft Flow integration
  • Strong enterprise governance & security
  • Pro-dev extensibility

The nuances and complexities of your business are always at the centre of your Dynamics and Power Platform deployment. There are thousands of bespoke use cases of Microsoft Dynamics and the Power Platform and the capability for constant, fast-paced improvement is in your users’s hands. Innovation isn’t silo’d or in the hands of your transformation partner. Rapid innovation becomes possible within your in-house development team, meeting the fast-changing demands of the banking environment and marketplace.

“PowerApps is a great blank canvas, with easy-to-use templates, and seamless connectivity to all the Microsoft cloud services that we use. It took only two months from the time we started development until we launched the app in our first stores.”

Bruce Rioch, Chief Data Officer, MetroBank

Some example use cases of Microsoft Dynamics and the Power Platform in banking include:

  1. Automation of complex customer on-boarding or risk processes, freeing up staff resources, improving productivity and creating a risk audit trail on the CRM.
  2. Create self-serve loan applications connected to third party decision making tools that provide instant responses to applicants and create a compliance paper trail that ticks all of the regulatory boxes.
  3. Increase adoption of front-facing apps that create slick user experiences and convenience whilst delivering precision targeted marketing activity and high levels of user satisfaction
  4. Raise and action reports and support tickets that keep services live and automate improvement processes.
  5. Make use of any devices to create inspections and auditor apps for remote hardware like ATMs to ensure they are always clean, functional and available.
  6. Build helpdesk chatbots that are serviced from centralised knowledge materials and always accessing up to the minute customer data.
  7. Structure and automate workflows between teams and third parties for maximum productivity and connectivity
  8. Standardise new employee on-boarding across the whole business to ensure that individual employees and teams are talking the same language and operating to the same high standards.
  9. Employ smart assistant for salespeople and relationship managers to ensure that no sale is lost and clients or customers enjoy a consultative selling experience.
  10. Create automate reporting practices that unify information sharing and set macro and micro targets and KPIs that are understood business wide and at the appropriate permission level.

A recent Economic Impact study of Dynamics and the Power Platform highlighted that the average cost of app development is reduced by 70% with PowerApps and Flow, with £2.9 million avoided in application development and management costs. These types of cost savings are indicative of the costs and productivity savings that can be made with each individual solution within the platform. Combined with no-code capabilities that drive high user adoption, it’s clear that return on initial investment is high. And with the tools included within the standard Dynamics 365 licensing, it’s easy to get started with Power Platform today.

For a comprehensive overview of future banking, download our Future Banking White Paper now, or get in touch via 0845 226 8170 or info@redspire.co.uk.