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As young fintech companies push forward with digitalization, many traditional players are struggling to keep up with new solutions and technologies. Regulatory conditions are getting more complex, while consumer demands and expectations change. Overall, this places very high demands on flexibility, which is a real challenge not least because so many financial players are sitting on old, slow-moving, outdated systems and gigantic infrastructure.

In addition, there are constantly new business models and the epidemic is pressing banks to become more digital in their relationships with customers, at the same time as the number of frauds is increasing. Taken together, this means a complex situation image that requires rapid navigation and predictive action. To enable this and stay competitive, the financial world needs to be bold to take it to the next level, an development that will be the focus of the webinar, says Annica Wallenbro Stojcevski, Business District Manager at Microsoft’s Cloud & AI, who is also in charge of the system. The cloud core of the company.

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Anika thinks the first – crucial – step in this business is to make more use of the cloud. However, cloud services are still viewed by many as a risk rather than an opportunity – the prime example being security, which is often mistakenly seen as missing.

This is why we build security as the absolute cornerstone in everything we develop. Microsoft is one of the companies that is investing the most in security worldwide, regardless of the industry. It includes both physical security around our data centers and advanced cybersecurity that detects flaws and shortcomings in real time.

These shortcomings can then be addressed quickly with global updates directly on Microsoft’s cloud platform. As if that wasn’t enough, the platform also provides tools and support for full regulatory compliance, regardless of the countries or industry in which you are active. The platform also has most of the ISO certifications in the industry, which means companies can feel pretty confident making the transition to the cloud. This aspect is crucial to a tightly regulated financial industry.

– Our cloud is also specially designed according to the specific requirements of the financial sector; It brings together all services from our portfolios as well as industry-specific solutions for the financial sector. Anika confirms that it works somewhat like the starter pack in the cloud for players in the region.

Here you can read more about Microsoft Cloud Financial Services

One of the biggest benefits of moving to the cloud is the synergistic effects provided by AI and advanced data analytics. The ability to automate everything from customer service to consulting and other internal operational processes will be a huge competitive advantage for the financial world, which deals with an enormous amount of data on a daily basis. This is especially important when it comes to assessing risks and fraud situations; With artificial intelligence and machine learning, all security flow anomalies are quickly detected, enabling advanced analysis and prediction.

– As we will be connecting again during the webinar, artificial intelligence lays the foundation for a better way to integrate digital services with personal appeal and meet customer needs, for safer and better service and advice. In the long run, it’s about connecting the entire customer journey within the financial world and thus gaining insight into how customers behave throughout the entire flow. Only then can you provide the personalized services and proximity to customers that customers expect today, Anika concludes.

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