103 F I NANC I A L S E R V I C E S identify and prevent fraud at account creation and login. Purchase protection, meanwhile, uses artificial intelligence to help protect the merchant services arms of financial institutions and merchants from online purchase fraud. There are also features to address global and regional regulatory compliance requirements, which continue to expand across the industry. “Most organisations are facing difficulties to keep up with increasing requirements and higher levels of scrutiny being applied by financial services regulators,” said Borden. “Cybercrime has also increased dramatically during the pandemic – in the US, for example, the FBI’s Internet Crime Complaint Center found cybercrime complaints hiked by 100 per cent over a 14-month period – with attacks becoming more sophisticated. Financial services organisations that use the latest technologies to manage their overall security and compliance posture will find themselves in a stronger position to address these risk management and compliance challenges in a rapidly changing world.” Microsoft Cloud for Financial Services includes risk assurance and support, as well as regulatory compliance assessments. “These new capabilities, coupled with our existing foundational capabilities – such as our zero-standing access, our global data centre footprint with over 60 announced regions, and our commitment to SSAE SOC 2 certifications – will help organisations address security and compliance challenges more effectively,” said Borden. Microsoft’s growing ecosystem of partners amplifies the capabilities of Microsoft Cloud for Financial Services. “Our partners are dedicated to better serving customers by helping provide more integrated solutions that reduce risk across the ecosystem, identify new opportunities for innovation, and decrease time to market,” said Borden. “I would like to thank the financial services organisations, Microsoft partners, and other industry leaders who helped provide impactful guidance on how we can best help the industry in its digital path forward. We believe Microsoft Cloud for Financial Services has the foundation needed to help financial institutions accelerate innovation for responsible growth, and it offers the right set of capabilities for retail banking to meet their most pressing needs for enhancing customer and employee experiences, combatting financial crime, and managing security and compliance.” We asked a selection of Microsoft partners about how they are using Microsoft Cloud for Financial Services and other key Microsoft technologies to enhance customer and employee experiences as well as drive loyalty and customer growth Partner perspectives “To remain competitive in a rapidly evolving banking landscape, financial institutions are focused on core modernisation and digital transformation. Our award-winning software-as-a-service product and pricing platform, together with Microsoft Cloud for Financial Services, simplifies the core by externalising product and pricing, enabling the delivery of more personalised banking experiences for customers. We are excited to work together with Microsoft leveraging Cloud for Financial Services to empower bank employees, partners, clients with a collaborative environment and actionable insights delivered through a product and pricing lifecycle management platform that is driven by the Microsoft Common Data Model, collaboration and communication tools, and analytics platform.” Al Karim Somji Founder and CEO of Zafin
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