Global digitization and unprecedented changes to financial services business models are mandating transformation. As a result, financial institutions are shifting towards driving real-time payments, better managing risk across the organization, and optimizing financial crime operations. Pivotal to these efforts is the agility and scalability offered by advanced technologies such as cloud, artificial intelligence (AI), and blockchain.
We at Microsoft are dedicated to developing a platform that supports financial services institutions (FSIs) in creating more intelligent banking processes. Our team will be on site at SIBOS 2018 to discuss Microsoft’s vision for how advanced technologies will help institutions drive successful business outcomes and meet evolving regulations in a compliant, secure manner. Join us for lunch every day to learn more about intelligent banking; read on to learn more about this vision and how we will be showcasing partners and solutions at Sibos 2018.
Driving real-time payments
Payments are a fundamental workload to the banking industry, generating over $260 billion dollars in revenue every year. However, new infrastructure (clearinghouses) and regulations heighten the need for banks to upgrade their payment systems, as traditional on-premises systems are not designed to deliver payments in real time. FSIs are modernizing their data centers to adopt a real-time payments approach, which improves both operations and customer service while generating new revenue streams.
Institutions that implement a modern platform gain a single view of all payment types and APIs for rapid customer data integration and onboarding, which in turn, streamlines operations. Additionally, infusing cloud-based payments approaches with AI enables institutions to gain improved insights from their data.
Manage risk across the organization
In addition to modernizing payments, institutions are also seeking to improve risk insights. Due to an unprecedented level of regulations, banks are faced with difficult implementation deadlines, higher compliance costs, and outdated on-premises systems that lack the compute power needed to deliver required risk management assessments. These challenges often stand in the way of compliance with regulations such as Fundamental Review of the Trading Book (FRTB.)
Leveraging cloud-based tools, improving data management practices, increasing cloud computing capacity, and infusing processes with AI enables institutions to enhance their existing risk management systems and improve risk insights across lines of business. These insights offer what’s needed to maintain compliance, reduce costs, and improve capital efficiency.
Optimize financial crime operations
FSIs are also looking to lower compliance costs and strengthen their financial crime operations. Financial crime is constantly evolving – especially with the rise of online and mobile banking – and has outpaced current prevention methodologies. Failure to prevent financial crime is costly and has real-world consequences that extend beyond FSIs. Legacy anti money laundering (AML) detection solutions are prone to high false positive rates and untenable costs, rendering them unsustainable.
Cloud solutions and AI provide a modern approach that helps reduce false positives and compliance costs. Enhanced data analytics enable banks to conduct ongoing risk scoring, and cognitive services and AI enhance anti money laundering efforts. This new approach to AML activities supports institutions’ abilities to identify and respond to new criminal activities more quickly.
Join us at SIBOS 2018
Advanced technologies are key to thriving in the digital age and will remain in the center of the industry conversation over the coming years. This year at SIBOS, attendees can take a closer look at how Microsoft is helping turn the vision of intelligent banking into a reality. Microsoft experts and partners will be at our booth, stand #A30, to answer questions and present demos including: Finastra MTC Zero, HPC for Rick Compute, and Hitachi Risk Management. Attendees will also able to connect with us by participating in a:
SIBOS panel session
- 4th Industrial Revolution and Geopolitics: Participate in this discussion, featuring Microsoft Digital CTO, Norm Judah, that will explore the inherent relationship between advanced technology and modern-day geopolitics.
- Re-imagining bank partnerships: The impact of open-banking for corporate treasury: Attend this panel where Pankaj Gudimella, Microsoft Director of Treasury, will share a unique perspective on how leading multinational treasurers leverage open banking while overcoming challenges of cyber-threats, regulation and the need for agility.
- Quantum Computing @ Innotribe: Join us for this session where Professor David J. Reilly, Director of Microsoft Quantum, will examine practical applications for quantum computing in the financial industry.
- Payments and AI: Modernizing bank operations: Check out how Microsoft’s Azure platform and partner solutions transform businesses through the modernization of core payment systems.
- Cybersecurity & Banks: Keeping the hackers out: Better understand how Azure protects your bank’s data by detecting and responding to cybersecurity threats.
- Ethics in AI: innovation, bias and societal responsibility: Listen to Norm Judah’s, Microsoft’s Digital CTO, perspective on designing AI with ethics in mind, focusing on fairness, accountability, and transparency.
- Meet face to face with Microsoft executives, other thought leaders and industry experts to deep dive into your particular areas of interest.
Microsoft experts and partners will be at our booth, stand #A30, to answer questions and present various solution demos, and attendees will able to connect with us by participating in a: