Microsoft’s Peter Hazou highlights the importance of upgrading banking systems to use data more effectively. Microsoft’s suite of products are helping financial services organisations to improve decision-making, customer service and back-office processes BY ALICE CHAMBERS In with the new FEATURE Freight shipments for more than 500 businesses were impacted when a container ship struck the Francis Scott Key Bridge in Baltimore, USA, in March 2024. A surge in insurance claims and loan applications followed, as firms sought to recoup their losses and cover immediate expenses that arose from freight diversions and delivery delays. For each business, financial services providers had to follow processes of assessing damage, calculating the cost of replacement orders and lost revenue, reviewing financial history and conducting risk assessments. 106
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