Financial institutions face increasing competitive pressure to deliver the digital experiences reshaping the way banks do business. Today’s customer expects a more personalized, hassle-free experience from banks with mobile and online banking tools rapidly replacing traditional face-to-face interactions.
The Microsoft Dynamics 365 Banking Accelerator, now generally available, includes an industry-standard data model that enables banking and financial organizations to rapidly build intelligent, data-driven financial services solutions across retail and commercial lines of business, accelerating time to value for a range of competitive customer scenarios.
Developed in partnership with global financial services including Microsoft independent software vendor (ISV) partners such as Veripark, Wealth Dynamix, Fiserv, Personetics, and others, the banking data model extends the Common Data Model to provide a shared and consistent metadata definition for common banking and financial industry data elements including loans, mortgages, referrals, branch details, collateral, deal, limit, facilities, and more. This common schema allows customers and ISVs to build solutions on the same data model—open-sourced and interoperable with open banking and the banking industry architecture network (BIAN)—enabling new interoperability, a 360-degree view of customers, and streamlined processes and insights.
Empowering digital experiences for financial services
Delivering a differentiated customer experience requires a business strategy and capabilities around the deep customer insights and data that underpin powerful customer engagement. Financial firms must tap into the tremendous volumes of data available today to empower innovation, from artificial intelligence and advanced analytics to personalized chat bots and enhance the customer experience. Deriving value from large, diverse, and often fragmented data sets is difficult, as much of it typically resides in multiple siloes across internal and external systems, and without a well-defined data definition.
The Dynamics 365 Banking Accelerator empowers financial institutions with the consistent, well-structured data they need to quickly bring powerful, innovative solutions to market. Building off the accelerator enables partners, including systems integrators (SIs) and ISVs, banks, and developers to speed the creation of solutions that deliver a better banking experience; one that differentiates banks from the competition and drives customer acquisition, loyalty, and long-lasting relationships.
In addition to the data model, the Dynamics 365 Banking Accelerator includes sample apps, workflows, and dashboards for commercial and retail banking as well as a PowerApp allowing a relationship manager to quickly create and share referrals and see their upcoming appointments. These samples as well as a test drive experience can be found today on Microsoft AppSource.
The power of unified, industry-standard data models
The Dynamics 365 Banking Accelerator joins a growing list of industry-specific accelerators for healthcare, education, nonprofits, and automotive. Each accelerator is a foundational element of Microsoft Business Applications that enables ISVs and other solution providers a way to build industry-specific solutions on the Microsoft Power Platform. These solutions can connect to existing business applications, can be embedded in new applications on Dynamics 365, and can extend existing first party applications, such as Dynamics 365 and Office 365, and the Microsoft 365 Proposal Manager
How to get started
Read our Transform Banking with the Microsoft Dynamics 365 Banking Accelerator white paper for a closer look at how the Banking Accelerator helps empower innovation.
The Dynamics 365 Banking Accelerator is free for all of our financial services customers and partners, and available to ISVs and solution providers at Microsoft AppSource and GitHub. Included in the accelerator is a banking data model, sample applications, and connected scenarios across Microsoft’s cloud, business applications, and productivity tools to help take customer engagement to new levels.
More to explore:
- Read the Microsoft Industry blog to learn how banks can take their customer engagement to new levels.
- Take a deeper dive of the Dynamics 365 Banking Accelerator, including specific scenarios for retail and commercial applications.
- Read an overview of Industry Accelerators.
- Learn more about our investments in Industry Accelerators to enable ISVs and solutions providers to help you succeed.
- Learn more about the Common Data Model.
We're always looking for feedback and would like to hear from you. Please head to the Dynamics 365 Community to start a discussion, ask questions, and tell us what you think!