Microsoft is set to make its cloud offering tailored for financial services generally available next month, with Virgin Money UK among the first to adopt it.
Initially introduced in February, Microsoft Cloud for Financial Services is designed with a strong emphasis on privacy, security, and regulatory compliance. Bill Borden, corporate vice president of worldwide financial services, highlighted in a blog that the platform integrates various cloud services from Microsoft Azure, Microsoft 365, Microsoft Dynamics 365, and Microsoft Power Platform, all built upon an industry data model.
According to Borden, this industry-focused cloud solution aims to enhance the experience for both retail banking employees and customers, facilitating unified customer profiles, onboarding, and improved customer engagement and collaboration.
Fraser Ingram, chief digital and innovation officer at Virgin Money UK, commented, “At Virgin Money UK, we are continually seeking innovative ways to deliver a world-class digital customer experience. We view Microsoft Cloud for Financial Services as a catalyst for digitizing our customer interactions, allowing us to scale and expand our offerings.”
Microsoft has also partnered with several service providers, including Accenture, Finastra, and Zafin. Zafin’s CEO, Al Karim Somji, stated, “Together, Zafin and Microsoft Cloud for Financial Services are empowering bank employees with actionable insights by enabling a unified customer profile that delivers product and package recommendations based on an industry data model. This collaboration helps ensure compliance with regulatory requirements while expediting their digital transformation strategies.”