Microsoft has been providing business solutions to help companies across many sectors, for many years now. For financial institutions, it is important to have modern solutions to help them cope with the challenges and competition within their sector. We discussed this with an IT support company London based financial organisations work frequently work with, and who are partnered with Microsoft.
TechQuarters has been providing IT support to finance institutions for the better part of a decade, and according to them, the Microsoft Business Solutions could be the answer to many financial institutions pains.
What Are the Microsoft Business Solutions?
The Microsoft Business Solutions are a line of products and services from Microsoft which are aimed at tackling the unique challenges that face modern businesses. For instance, modern business competition is what drives customer experience, and businesses need modern solutions to optimize the experience and service they give to their customers.
The Microsoft Business Solutions can be found within the product known as Microsoft Dynamics – which is a cloud-based platform comprised of some 12 different applications, including Dynamics 365 Sales, Dynamics 365 Customer Services, etc.
According to TechQuarters, who are a Microsoft Cloud Solutions Provider in addition to providing IT support services London businesses rely on, the Microsoft Business Solutions from Dynamics 365 provide Enterprise Resource Planning (ERP) and Customer Relationship management (CRP), conveniently within a single, cloud-based platform.
Microsoft offer a business solutions plan specifically for Financial institutions, known as Microsoft Dynamics 365 Finance, which includes solutions specifically geared towards the Finance sector.
Key Challenges of the Finance Services Sector
The Financial Services sector is a large, fast-paced industry where there is a lot of competition going on all the time. This means that there are significant challenges that businesses in this sector must content with. We discussed these challenges with TechQuarters who, having provided IT support Financial Services institutions have been using for years, know quite a lot about them.
The Financial Services sector has many strict compliance regulations and procedures which institutions must follow – as a result, an institutions’ business balances on their being able to keep up with the latest compliance rules (because the regulations and procedures are frequently updates). It can be a challenge to have to keep on top of the latest updates to regulations.
- Customer Experience
There is a great deal of competition within the Financial Services sector. One of the biggest factors, when it comes to the success of one institution over another, is the customer experience they are able to deliver. Consumers usually favour one bank or service due to the level of service they get from the company. The trouble is that technology invariably governs the level of service institutions can provide, and if one is relying on legacy systems, they simply won’t be able to compete.
- Poor Data Architecture
The way in which a business manages data is as important as the data itself. Financial institutions work with multiple systems within their infrastructure, all of which rely on having accurate, up-to-date data to work with. If an institution’s data architecture is not up to scratch, then they may find that the data across their systems is outdated, or out of sync.
- Inefficient Processes & Workflows
The ability to deliver efficient services to the customer is tied to an institutions’ ability to execute processes and workflows in the most efficient way possible. Businesses that used legacy systems may find that their operations are less efficient than they could be – which could damage their reputation.
While it would be inaccurate to say that technology alone can help an institution succeed, success is certainly reliant on having the right tools and resources at one’s disposal. In that sense, the Microsoft Business Solutions may be one of the best options companies in the financial services sector has to modernize their operations and work to deliver the best possible service to their customers.