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The financial services industry banks on the Microsoft Cloud for digital transformation – The Official Microsoft Blog

Financial services organizations are at a transformational tipping point. Faced with fierce market pressures – nimble disruptors, complex regulations, digital native customers – technology transformation in the industry is essential, and it’s increasingly becoming a competitive edge. Firms leading the charge into this new era are transforming customer experiences, fostering a new culture of work, optimizing operations and driving product innovation, and they are using Microsoft cloud, AI and blockchain technologies in their journey to become digital leaders of the future. TD Bank, Sumitomo Mitsui and Credito Agricola are among the organizations that have embraced this digital transformation happening in every part of the world.

Next week at Sibos, the premier financial services industry event, Microsoft CEO Satya Nadella, myself and others from Microsoft will speak alongside other innovative business leaders driving transformation. Here are some of the scenarios and solutions Microsoft customers and partners are implementing along their journey:

Fostering a new culture of work

Fostering a digital culture is a paradigm shift, one which financial institutions must embark. Jumpstarting this culture shift means designing a workplace where every work style can thrive – one that harnesses digital intelligence to improve experiences, unleashes creativity and enables mobility while keeping organizations, people and information secure. With modern tools, employees from the first line to the back office can do their best work.

State Bank of India, a 200-year-old institution, is working with Microsoft to create a modern workplace for its 263,000 employees across 23,423 branches servicing more than 500 million customer accounts, including some in the most remote locations of the country. SBI has adopted Office 365 to enhance communication and collaboration among its workforce, and believes that Microsoft is delivering the best productivity experience for its employees while ensuring the highest standards of security, compliance and adherence to regulatory requirements.

Emirates NBD is creating more creative and collaborative workspaces for their employees, and has selected Office 365 as well as Surface Hub to deliver on their digital transformation efforts.

Transforming customer experiences

Customer expectations have changed and will continue to evolve at the speed of technology. The imperative for financial services firms is to engage customers in a way that is natural, tailored and delightful at every turn. The most innovative firms will create experiences that harness data from customers to derive actionable insights and deliver greater market success.

TD Bank is known for legendary customer service and aims to match their marquee in-person experience through digital wherever customers may be – at home, at work or on-the-go. With more than 12 million digitally active customers and expectations evolving at the speed of technology, TD has turned to Microsoft Azure and data platform services to help deliver on their promise of legendary service at every touchpoint.

Sumitomo Mitsui Banking Corporation is transforming their employee workstyles and enhancing their customer experience with the Microsoft Cloud. In addition to building a secure and highly productive office environment utilizing Azure and Office 365, SMBC has also introduced an interactive automatic response system for customer service, powered by the Microsoft Cognitive Toolkit and AI services.

Optimizing operations

Shifting line-of-business applications and other capabilities to the cloud is a foundational step along the digital transformation journey that enables banks to save big and reinvest dollars in more innovative, value-add banking services. It also enables firms to be more agile like their industry disruptor counterparts.

UBS is using Azure to power its risk management platform, technology that requires enormous computing power, to run millions of calculations daily on demand. The result — speeding calculation time by 100 percent, saving 40 percent in infrastructure costs, gaining nearly infinite scale within minutes — means the firm can have more working capital on hand and employees can make quicker, more informed decisions for their clients.

Société Générale is using Azure’s high-performance computing capabilities to power the credit value adjustment (CVA) intraday calculation, a critical front-office function, enabling cost-effective, almost limitless on-demand computing power.

Driving product innovation

Driving product and business model innovation allows organizations to harness data as a strategic asset, shifting from hindsight to foresight, automating manual processes, delivering personalization to customers, and innovating with new business models, services, products and experiences to differentiate and capture emerging opportunities.

Crédito Agricola considers open banking as a future standard for the financial services industry. The bank’s digital strategy on open banking seeks to leverage the cloud to provide seamless and frictionless interactions that delight their customers, while complying with regulation. Credito Agricola is using Microsoft Azure to deliver open banking capabilities like API management gateway, security and identity, as well as analytics and insights, with plans to extend their core banking services to third-party service providers.

Microsoft is collaborating with The Monetary Authority of Singapore and The Association of Banks in Singapore to support Project Ubin 2, using Azure to explore the use of blockchain for the clearing and settlement of payments and securities, a key milestone in Singapore’s ambition of becoming a Smart Financial Center.

For the financial services industry, a firm’s deliberate and strategic move to the cloud hinges on security, privacy and regulatory compliance. Microsoft is committed to earning the trust of our financial services customers. We engage with regulators in key markets to share information about our services, the related controls and our approach to enabling customer compliance. We also take input from leading banks and insurers across the globe on an ongoing basis to improve our offerings to help meet regulatory requirements. We do all of this to continue building our customers’ trust in cloud technology.

It’s incredible and humbling to be on this transformational journey with so many ambitious digital leaders. Come visit us at booth No. C46 if you’re in Toronto or follow our stories at our press site. You can also join my session at the Innotribe, “Creating Space for Innovation,” on Tuesday, Oct. 17, and see Microsoft CEO Satya Nadella provide the Sibos closing plenary on Thursday, Oct. 19. Satya’s plenary will also be livestreamed here.

TTW

Tags: financial services, Sibos

For Sale – Ubiquiti UniFi AC LR AP

I have for sale a UniFi AC LR access point which is no longer needed.
Purchased new not long ago.
Boxed and complete.
There’s a small mark on the bottom edge as shown in photo, but is not visible when in use.

£85 delivered.

[​IMG]
[​IMG]

Price and currency: £85
Delivery: Delivery cost is included within my country
Payment method: bank transfer or paypal
Location: Suffolk
Advertised elsewhere?: Not advertised elsewhere
Prefer goods collected?: I have no preference

______________________________________________________
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DO NOT proceed with a deal until you are completely satisfied with all details being correct. It’s in your best interest to check out these details yourself.

For Sale – Ubiquiti UniFi AC LR AP

I have for sale a UniFi AC LR access point which is no longer needed.
Purchased new not long ago.
Boxed and complete.
There’s a small mark on the bottom edge as shown in photo, but is not visible when in use.

£85 delivered.

[​IMG]
[​IMG]

Price and currency: £85
Delivery: Delivery cost is included within my country
Payment method: bank transfer or paypal
Location: Suffolk
Advertised elsewhere?: Not advertised elsewhere
Prefer goods collected?: I have no preference

______________________________________________________
This message is automatically inserted in all classifieds forum threads.
By replying to this thread you agree to abide by the trading rules detailed here.
Please be advised, all buyers and sellers should satisfy themselves that the other party is genuine by providing the following via private conversation to each other after negotiations are complete and prior to dispatching goods and making payment:

  • Landline telephone number. Make a call to check out the area code and number are correct, too
  • Name and address including postcode
  • Valid e-mail address

DO NOT proceed with a deal until you are completely satisfied with all details being correct. It’s in your best interest to check out these details yourself.

For Sale – Ubiquiti UniFi AC LR AP

I have for sale a UniFi AC LR access point which is no longer needed.
Purchased new not long ago.
Boxed and complete.
There’s a small mark on the bottom edge as shown in photo, but is not visible when in use.

£85 delivered.

[​IMG]
[​IMG]

Price and currency: £85
Delivery: Delivery cost is included within my country
Payment method: bank transfer or paypal
Location: Suffolk
Advertised elsewhere?: Not advertised elsewhere
Prefer goods collected?: I have no preference

______________________________________________________
This message is automatically inserted in all classifieds forum threads.
By replying to this thread you agree to abide by the trading rules detailed here.
Please be advised, all buyers and sellers should satisfy themselves that the other party is genuine by providing the following via private conversation to each other after negotiations are complete and prior to dispatching goods and making payment:

  • Landline telephone number. Make a call to check out the area code and number are correct, too
  • Name and address including postcode
  • Valid e-mail address

DO NOT proceed with a deal until you are completely satisfied with all details being correct. It’s in your best interest to check out these details yourself.

For Sale – Ubiquiti UniFi AC LR AP

I have for sale a UniFi AC LR access point which is no longer needed.
Purchased new not long ago.
Boxed and complete.
There’s a small mark on the bottom edge as shown in photo, but is not visible when in use.

£85 delivered.

[​IMG]
[​IMG]

Price and currency: £85
Delivery: Delivery cost is included within my country
Payment method: bank transfer or paypal
Location: Suffolk
Advertised elsewhere?: Not advertised elsewhere
Prefer goods collected?: I have no preference

______________________________________________________
This message is automatically inserted in all classifieds forum threads.
By replying to this thread you agree to abide by the trading rules detailed here.
Please be advised, all buyers and sellers should satisfy themselves that the other party is genuine by providing the following via private conversation to each other after negotiations are complete and prior to dispatching goods and making payment:

  • Landline telephone number. Make a call to check out the area code and number are correct, too
  • Name and address including postcode
  • Valid e-mail address

DO NOT proceed with a deal until you are completely satisfied with all details being correct. It’s in your best interest to check out these details yourself.

For Sale – Ubiquiti UniFi AC LR AP

I have for sale a UniFi AC LR access point which is no longer needed.
Purchased new not long ago.
Boxed and complete.
There’s a small mark on the bottom edge as shown in photo, but is not visible when in use.

£85 delivered.

[​IMG]
[​IMG]

Price and currency: £85
Delivery: Delivery cost is included within my country
Payment method: bank transfer or paypal
Location: Suffolk
Advertised elsewhere?: Not advertised elsewhere
Prefer goods collected?: I have no preference

______________________________________________________
This message is automatically inserted in all classifieds forum threads.
By replying to this thread you agree to abide by the trading rules detailed here.
Please be advised, all buyers and sellers should satisfy themselves that the other party is genuine by providing the following via private conversation to each other after negotiations are complete and prior to dispatching goods and making payment:

  • Landline telephone number. Make a call to check out the area code and number are correct, too
  • Name and address including postcode
  • Valid e-mail address

DO NOT proceed with a deal until you are completely satisfied with all details being correct. It’s in your best interest to check out these details yourself.

Does Mojo have the mojo to change WLAN architecture?

Wireless access point vendors make a 70% margin on every AP sold by the WLAN architecture industry, a profit blogger Lee Badman shares in his analysis of a Mojo Networks’ presentation at a recent Mobility Field Day in San Jose, Calif. Mojo, Badman wrote, is attempting to disrupt the way WLAN architecture  is delivered through a strategy that combines commodity-priced APs, switches and security appliances, all of which are cloud-managed in an open source framework.

Badman praised Mojo CEO Rick Wilmer for his approach, which he believes will help users avoid the pitfalls of being trapped by limited feature sets offered by individual WLAN architecture vendors.

“Cloud management, software-defined everything, and open hardware standards CAN replace bloated, proprietary systems as shown in different examples made by Wilmer’s team in presentations that came after his,” Badman said in Wirednot. “But just as significant is Mojo’s idea of a new business model that flies in the face of convention, and could capitalize on the success of the Open Compute Project (OCP) in building white box data center components as that model stretches into wireless access,” he added.

Dig deeper into Badman’s thoughts on the WLAN industry, and what Mojo is trying to do.

Cloud testing shifts toward operations

Mark Peters, an analyst at Enterprise Strategy Group in Milford, Mass., sees testing — in addition to data protection and archiving — as one of the most popular uses for public cloud. Public cloud offers a safe sandbox, shielding production data from errors in testing while offering ample scale or speed to run experiments. According to Peters, the flexibility of modern clouds is enabling IT teams to develop and test operational infrastructures in the cloud as well.

This new approach grants IT teams the flexibility to try out a variety of different infrastructure platforms with different hardware, hypervisors or operating systems. After optimizing in the cloud, it is easier for teams to build data centers to specification. “Just as with the DevTest of apps, the DevTest of ops can help deliver better IT outcomes (which means less risk and more certainty of achieving whatever your target is) to your organization,” Peters added.

Read more of Peters’ thoughts on testing in the cloud.

IoT drives the evolution of network management

Shamus McGillicuddy, an analyst at Enterprise Management Associates in Boulder, Colo., said IoT challenges are forcing network managers to update their network monitoring and management systems. EMA research suggests that existing network monitoring tools and practices are inadequate in handling IoT. Among 100 survey respondents, 52% said that IoT worsened blind spots. Scalability was the most cited problem, identified by 26%, while others noted high rates of change and a lack of granularity in monitoring.

In response, EMA found that enterprises are modifying their existing tools to give them the data they need. In other cases, teams upgrade licenses for monitoring tools, install network visibility controllers or improve granularity of monitoring.  The survey also found that 68% of network teams were expanding their tools to manage IoT. “IoT devices present another challenge to network operations, because network teams often take ownership of certain elements of the IoT device lifecycle. … Many network managers will find that their tools do not natively support IoT devices. They will have to modify the tools themselves or ask their vendors to customize the tools,” McGillicuddy said. 

Explore more of McGillicuddy’s thoughts on network management for IoT. 

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