The financial services industry is one of the oldest and most-respected industries in modern history. While the financial services industry leans toward more traditional approaches, the industry must also transform with rapidly changing technology. Consumers adopt digital trends, which means financial institutions must stay in step with those trends, too. It can be difficult for the financial services sector to keep up, and by teaming up with industry giants like Microsoft Cloud, managed IT services providers help financial services companies to confidently dive into digital transformation.
Let’s examine the trends in the future of financial services and how managed IT services can support financial services providers in each area.
Migrating to the Cloud
Migrating to the cloud is a foregone conclusion for most businesses. Financial services companies migrating to the cloud gain flexibility, scalability, and cost savings. Managed IT services providers can help leverage cloud computing using Microsoft Cloud products, such as:
- Migration: Azure Migrate assists in moving data and applications to the cloud seamlessly, with minimal disruption to operations.
- Security: Microsoft Azure Security Center ensures that cloud-based systems and data remain secure, safeguarding against cyber threats.
- Management: Azure Cost Management optimizes performance and cost savings of cloud-based systems and applications.
Digital payment platforms are being adopted by financial services companies. Managed IT services providers can support these providers with Microsoft Cloud products, such as:
- Integration: Microsoft Azure Logic Apps help integrate digital payment platforms into existing systems, creating a seamless payment experience for customers.
- Security: Azure Information Protection and Azure Advanced Threat Protection ensure the security of digital payment platforms, protecting against fraud and cyber threats.
- Compliance: Microsoft Cloud’s comprehensive compliance offerings help adhere to industry regulations.
Compliance is paramount in the highly regulated financial services industry. Managed IT services providers, leveraging Microsoft Cloud products, can help ensure compliance in various ways, including:
- Compliance Audits: Microsoft Compliance Manager enables regular compliance audits, ensuring adherence to industry regulations.
- Security: Microsoft Azure Security Center helps meet regulatory security requirements and protect critical systems and data.
- Data Privacy: Microsoft Azure Privacy Center assists in adhering to data privacy regulations, minimizing fines and reputational damage.
While AI and machine learning might seem far into the future, with the advent of ChatGPT and other AI tools, the future is now here. AI and ML are already revolutionizing financial services.
- Data Analysis: Azure Machine Learning helps analyze massive amounts of data, enabling valuable insights for decision-making and operational efficiency.
- Chatbots and Virtual Assistants: Microsoft Azure Bot Service allows building and deploying AI-driven chatbots and virtual assistants for 24/7 customer support.
- Fraud Detection: Microsoft Azure Sentinel aids in detecting and preventing fraud through AI and ML algorithms that rapidly identify suspicious activities.
Blockchain can be very misunderstood, but with the help of Microsoft and Azure tools and a managed IT provider, blockchain can be implemented effectively. Blockchain technology will undoubtedly affect financial services. Managed IT services providers, in collaboration with Microsoft Cloud, can assist in harnessing blockchain technology, such as:
- Security: Azure Blockchain Service enables implementing blockchain-based security solutions for protection against cyber threats.
- Smart Contracts: Azure Blockchain Workbench helps automate contract execution using blockchain-based smart contracts, reducing errors and fraud risks.
- Regulatory Compliance: Managed IT services providers can ensure compliance with industry regulations using Microsoft Cloud’s robust compliance offerings.
How we help financial institutions
Managed IT services providers, along with Microsoft Cloud’s powerful tools and services, are instrumental in helping financial services companies navigate the digital frontier. Platte River Networks has a direct relationship with Microsoft and the full suite of the Azure cloud platform which includes 200 products and cloud services designed to help you build, run, and manage applications. Let’s talk further about how we can help your financial institution navigate digital transformation.