The concept of a digitally centralized cloud started in the 1960s. However, usability and access to cloud services have grown drastically in recent years.

The Microsoft cloud allows us to store data online, rather than on our hard drives. Whether it be for professional or personal use, we can access data from across the world in a matter of seconds. 

Microsoft Cloud services can help financial businesses by providing data centralization and security. These Cloud services also positively impact the customer and employee experience. Keep reading to learn how Microsoft Cloud optimizes the customer and employee experience. 

What Is Microsoft Cloud?

Microsoft Cloud services run on the internet, rather than a computer’s hard drive. Integrating products and services onto a digital cloud platform helps any financial business. The cloud streamlines the transfer of technology and gives users easy access. 

Microsoft Azure is Microsoft’s cloud platform. This cloud computing service offers over 200 products and cloud services. These services range from computing to storage tools.

5 Keys to Cloud Migration in the Financial Services Industry

As technology has continued to evolve, the financial services industry must keep up. Shareholders, employees, and customers’ needs are changing and cloud migration services help these institutions ensure that they can meet growing expectations and streamline financial services operations. 

1. Differentiated Experiences

Cloud technologies ensure that financial institutions can customize their workspace. Differentiated customer experiences enable a user-friendly experience for all customers. 

Workflow Automation

Introducing workflow automation is a methodology of task management. Workflow automation in the cloud should increase a financial institution’s productivity. Financial services institutions can adapt customizable workflows to a bank’s exact needs. 

Scalability 

The cloud allows businesses to be scaled quickly. You can adjust the size of your operation in minutes. The cloud allows businesses to have low-cost sustainable growth.

It is as simple as acquiring a larger “office space” in the digital sphere. A quick storage update can help get you online even with a major business expansion. 

2. Optimized Customer and Employee Experience

Digital transformation is happening in real-time. The cloud is a constantly evolving technology that works to develop solutions.

When you empower employees and customers you are able to boost satisfaction rates. This can translate to profitability and efficiency.

Centralized User Profiles

Unified customer profiles allow administrators to deliver top-notch service effortlessly. Microsoft Cloud services allow administrators to sort and manage user profiles. This grouping system can offer more control to account managers.

Streamlined Customer Onboarding

During customer onboarding, a profile can be developed for new users. Their profile keeps track of relevant reports and forms.

Scheduling and storing reports can help you build a robust customer profile that allows you to build this without strenuous effort on the customer’s side. 

3. Achieve Regulatory Compliance

Technology has been integrated into retail banking and financial services. Achieving regulatory compliance helps you to keep your business’ resources and reputation intact. Customers do not want to trust financial institutions that neglect regulations. 

Enforce Regulatory Requirements 

In order to meet standards, institutions must constantly update their services. Institutions are bogged down by lawsuits if they fail to meet regulatory requirements. 

Regulatory requirements are rules imposed by the government. Regulations often mitigate the liberties of financial institutions.

These rules limit advancements by making institutions jump through hoops to expand. Institutions must reach regulatory compliance while updating their systems. 

4. Increase Security and Compliances 

Cloud services can be viewed as an investment in risk management. Microsoft Cloud can help keep your finances protected. These services keep you secure by boosting security and launching investigation features.

Combat Criminal Behavior 

When you start implementing risk management protocols you will undergo an audit. This audit helps to assess the weak points of your current security measures. Once these risks are assessed you can strengthen your defense systems. 

The Cloud is able to combat criminal activity. It can be proactively building firewalls and implementing high-level security measures. Microsoft Cloud services can also aid in a breach by identifying financial crimes. 

5. Centralized Access to Financial Records

Banking is made simple by cloud-based finances. These solutions allow employees and customers to remotely have access to financial information. These services make record access convenient.

Easy Access to Financial Summaries

Managing your personal finances used to be a very challenging feat. By stocking up on all of your receipts you were able to track your expenses. This process has gone entirely digital. 

When using the cloud for financial services, customers have access to financial summaries. This allows them to quickly review their expenses.

Regular review of financial accounts can help you critically analyze your spending. This accessibility is valued by customers.

As an employee, fast-tracking customer requests can ensure a positive interaction. The cloud ensures that employees can quickly pull relevant records. This rapid response to pull data can streamline the customer service process.

Integrate Microsoft Cloud Services Today

Crafting a unique user experience for all customers is important for financial institutions. Customers need assurance that their financial records are secure and well managed.

Focusing on the customer experience allows owners to adapt to their shareholder’s needs. When owners prioritize the user experience they can develop positive reforms.  

Microsoft Cloud for financial services helps to make financial management easier. Partner with us to implement software that improves your employee and customer experience.