The financial services industry is at an inflection point. Fintechs and challengers are entering rapidly as regulatory requirements are increasing. Consumers are expecting highly personalized experiences while security threats are evolving. The challenges for banks, insurers, payments tech providers and others are mounting high.
Transforming these challenges into business opportunities is an imperative for financial services firms and central to success. Many ambitious digital leaders are already discussing their transformation journey, or are well on the way. As a result, our teams are having new conversations, from ‘how can new cloud-enabled business models keep me competitive?’ to ‘help me optimize my data estate’ to ‘prove to me you’re a trusted partner who won’t undercut my business’.
At Microsoft, we’re at the intersection of these conversations in the financial services industry. We are laser-focused on building the best cloud for business, helping financial firms big and small enable intelligent industry transformation with data and artificial intelligence (AI). We’re doing so knowing that security, resiliency and regulatory compliance are vital, and we’re constantly thinking about how we can help institutions make the transition to modern innovations while still taking advantage of legacy investments.
With this in mind, I’d like to share Microsoft technology, partner solutions and industry contributions designed to help financial services businesses compete, innovate and succeed in the future. Here at Sibos 2018 in Sydney, Australia, and at the upcoming Money2020 in Las Vegas, Nevada, we will be on the ground showcasing this work and discussing how putting data and AI at the center of transformation is a formula for success.
New partnerships with the industry’s digital leaders
Building the leading cloud for financial services does not happen in a vacuum. We are proud to work side-by-side with transformational industry leaders who tell us the Microsoft business model aligns to their future. We are in the business of partnership and empowerment, not in the business of disintermediating financial services firms from their customers. This type of partnership is cleanly aligned to our company mission and something we stand by firmly.
Microsoft has announced a collaboration with SWIFT, the leader in secure financial messaging services. Together, we’re proving out a Microsoft Azure cloud-based solution for payments transfers conducted on the SWIFT network. Our intent is to enable the deployment of familiar SWIFT messaging solutions in the cloud, enabling faster, more cost effective, efficient and secure operations for banks, corporates and ecosystem technology providers.
Microsoft is also working with Interswitch, an impressive payments and fintech innovator in Africa. Interswitch is working with banks like GT, UBA and Zenith to bridge the supply chain financing gap between an existing corporate-focused infrastructure and a small entrepreneurial economy emerging in the region. Partnering with large banks and corporates in Nigeria, Interswitch has built a bank guarantee service on Azure that extends the reach of the banking system to non-traditional players, empowering bank lenders, corporate suppliers, and borrowers of all sizes to manage their supply-chain financing under objective terms and complete transparency.
New innovations for a data- and AI-powered future
The Microsoft Cloud – including Dynamics 365, Azure and Microsoft 365 – is already home to modern technology that industry-leading firms use to power their business today, including real-time payments infrastructure, seamless customer experience apps, risk management grids and fraud prevention tech. With more than $1 billion invested per year in security, a growing industry-leading data center footprint and an unmatched cloud regulatory compliance portfolio, we are fully vested in the financial services industry’s future.
Underscored by these investments, recent innovation across the Microsoft Cloud portfolio aims to make our platforms even more secure, efficient and intelligent, so together we unlock the power of data and AI for success.
