• Rabi, Senior director at Infosys


• 14.10.2021 02:00 pm
#cloud #Banking #Financial

Industry cloud is a public cloud service offering that has been heavily customized to fit a specific industry in order to accelerate business transformation & accommodate security, compliance, regulatory and local government legal considerations. The Industry cloud is a collections of cloud services, developer tools, partner tools and partner applications optimized for specific industry vertical use cases considering customize capabilities that includes common data models, workflows, Open APIs, Restful APIs required for a cloud solution. The most common industry cloud examples are Logistics Cloud, Healthcare cloud, Retail cloud, financial services cloud etc. which are designed to serve and fulfill the industry specific requirements. According to Gartner, end-user expenditure on public cloud services is forecast to grow 23.1% in 2021 to total $332.3 billion, up from $270 billion in 2020 and further expected to grow to USD 832.1 billion by 2025.

Microsoft Cloud for financial services is dedicated to helping global customers to navigate their next financial journey. Microsoft Industry cloud service offerings neither separate instances of Azure nor physically / logical isolated, it’s just the extended existing cloud services to provide industry-specific value through trusted and integrated capabilities. These capabilities deliver automation and efficiency on high value workflows, as well as deep data analysis for both structured and unstructured data, enabling customers to turn insights into action. The Core principles of Microsoft Industry Cloud for financial Services are namely Business model alignment, Customer ownership and control of data, Industry customization and Unmatched Partner Ecosystem. Microsoft Cloud for Financial Service consolidates capabilities of services across Microsoft Azure Stack, Dynamics 365, Microsoft 365, GitHub, Azure AI Platform and Power Platform and reinforce by an industry data model with capabilities then customization unique to the banking & financial services industry. Its Designed keeping in mind all the opportunities and challenges facing by financial service industry. It has an enhanced level of security necessary for financial services providers essential for digital banking.

The key Capabilities of the Microsoft Cloud for Financial services are banking and customer engagement, Loan Management, Onboarding of global customers to access loans conveniently and simplified business processes. By adopting Microsoft Industry end to end cloud services for financial Services, Banking and financial organization can scale the partner application onboarding, accelerate sustainable growth and lunch of new products for better support customers across globe. They can be more agile and more data centric decision-making capabilities and modernize older batch processing systems or legacy core system to modern AI powered data driven microservice platforms that will enable business users to get more insights from data by using data science Tools.

Financial organizations, fintech industries and banking & insurance service provider institutions have realized the adoption of new business models that will drive overall business growth and create new revenue streams while allow partner ecosystem integration to their core business processes. So, the Cloudification scope is no longer just limited to digital platforms, custom application development, and creating new business processes, but also focused on delivering great products, win customer experience that can only be possible by adopting industry specific cloud service offerings that combines multiple open banking platforms, domain-led security and compliance requirements.